The cash tender offer is subject to a minimum acceptance condition of 95% of its capital stock
OHL Concesiones and IFM launch a Cash Tender Offer for 100% of the free float OHL México through the corporate vehicle Magenta Infraestructura
- It reinforces the partnership with IFM GIF, a global infrastructure fund with over US$62 billion of assets under management and significant experience in toll road investments across Mexico, the US, UK and Australia
- OHL has been partnered with IFM GIF in relation to the Mexiquense Beltway in Mexico since 2015
Madrid, June 14th, 2017.- The National Banking and Securities Commission (CNBV) of Mexico has approved the cash tender offer launched by the OHL Concesiones and IFM Global Infrastructure Fund (IFM GIF) for 100% of the free float of OHL México at a price of $MX 27.00 per share. The transaction will be carried out through Magenta Infraestructura (Magenta), a corporate vehicle constituted for this purpose, currently 100% owned by OHL Concesiones.
At present, OHL México has a free float of 41.99%, treasury shares of 1.15% and OHL Concesiones controls 56.86% of its social capital.
The Board of Directors of OHL Mexico, by unanimous resolution of its independent members, has determined the Offer Price to be fair from a financial perspective, taking into consideration both the opinion issued by the independent expert (Rothschild Mexico S.A. de C.V.), and the opinion of the Corporate Practices Committee of OHL Mexico.
The acceptance period will open on June 15th and will close on July 19th, 2017 and the offer is subject among other conditions, to shares accepting the offer that, together with 56.86% of the shares of OHL Mexico already held by OHL Group (and that will be contributed to Magenta), will allow Magenta to reach a minimum 95% of OHL Mexico's share capital.
The agreements reached with IFM GIF to jointly launch the offer include:
- IFM GIF to contribute to Magenta the necessary funds to close the offer through a capital increase.
- The shareholders agreement between OHL Concesiones (as controlling shareholder) and IFM GIF to operate Magenta.
- The 400 million euro loan that IFM GIF will provide OHL Concesiones which, upon the closing of the offer, will be used to repay in full the same amount exchangeable bond into OHL Mexico shares maturing April 2018.
This operation, registered with The National Banking and Securities Commission (CNBV) on 14 June, represents the addition of a strategic business partner, IFM GIF, to OHL México. Thanks to this transaction, the OHL Group reinforces its partnership with IFM GIF, which commenced in 2015 when IFM GIF invested in the Mexiquense Beltway, in which it currently has a 39% share.
For further information regarding the Cash Tender Offer on 100% free float of OHL México please go to www.bmv.com.mx, www.gob.mx/cnvb and www.ohlmexico.com.mx
About OHL México
OHL México was incorporated in 2005 and its continued growth since then has positioned it as a relevant transport infrastructure operator in the industry within the metropolitan area of Mexico City, both for the number of concessions awarded and the miles of highways under management. Currently, OHL Mexico builds, manages, operates and maintains 7 toll roads and one airport. The highway and related infrastructure concessions are located in urban areas with high vehicular traffic in Mexico City, Mexico State and the State of Puebla, that are home to 27.22% of the nation's population and in 2015 generated 29.23% of GDP and accounted for 34.39% of the total number of vehicles in Mexico (12.02 million (Mexico City 4.7 million, State of Mexico 5.9 million, and Puebla 1.4 million)). In the airport sector, OHL Mexico participates in the integral management of the second largest airport serving the Mexico City metropolitan area.
About OHL Concesiones
OHL Concesiones is a participant in the market of projects of public-private partnerships in transport infrastructure. It has experience in the development of new concessions, as well as the operation of highways, ports, railways, and airports comprising metropolitan areas, industrial and commercial corridors, and tourist areas, bringing development and competitiveness in their main markets. Directly manages 20 concessions in Spain and Latin America of which 14 of them are toll highways. The development strategy focuses on the permanent analysis of opportunities in the active markets nowadays and the incorporation of new markets that are considered strategic.
About IFM GIF
IFM GIF is an open-ended unit trust for institutional investors. The unrestricted structure of IFM GIF allows maintaining long-term investments, in line with the long-term investment horizons of the institutional pension funds. The main IFM GIF advisor is IFM Investors.
About IFM Investors
IFM Investors is a global fund manager with US$62 billion under management as of March 2017. Established over 20 years ago and owned by 28 Australian pension funds, IFM GIF's interests are deeply aligned with those of its investors. Investment teams in Australia, Europe and North America manage institutional strategies across debt investments, infrastructure, listed equities and private capital. IFM GIF is committed to the United Nations supported Principles for Responsible Investment and has been a signatory since 2008. IFM GIF has offices in six cities: Melbourne, Sydney, New York, London, Berlin and Tokyo. For more information visit: www.ifminvestors.com.
| Para más información OHL Begoña Moreno Email: bmoreno@tinkle.es Tel.: (+34) 91 702 25 82 Móvil: (+34) 676 39 34 33 | Mar Yuste Email: myuste@tinkle.es Tel.: (+34) 91 702 10 10 Móvil: (+34) 638 04 05 79 |
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/bcbae8d4-e300-4a7c-9118-3bfb4c22eb73
