Ferrovial Sells Chile Asset to ISA

Grupo Ferrovial, the Spanish infrastructure operator, has agreed to sell a 60% stake in its Chile-based highway projects financing and development subsidiary, Cintra, to Colombia’s ISA for EUR209m. ISA has the option to acquire the remaining 40% in Cintra. The Chilean toll roads, which run 907km from north to south, obtained EUR147.5m in revenue and EUR102m Ebitda in the first 9 months of 2009, says Ferrovial. Cintra Chile’s consolidated gross debt at the end of September 2009 was EUR1.2bn. BNP Paribas and Santander advised the target, according to Dealogic. The deal is part of the company’s asset rotation policy. In recent months, Ferrovial has divested Cintra Aparcamientos and London Gatwick airport.