ICA Selling Panama Concession

Mexico’s Empresas ICA says it has reached an agreement to sell its Corredor Sur highway concession to the government of Panama for $420m. ICA says the concession has $146m in debt and that it is still to be determined whether the buyer will assume this, in which case the sale price will be reduced. As part of the deal, ICA will continue to operate the concession. Panama president Ricardo Martinelli also announced the country is acquiring a 51% stake in Corredor Norte from Mexico’s Proyectos y Construcciones. It does not say how much it will pay. These acquisitions are part of Martinelli’s plans to repurchase highway concessions.