Spanish Infrastructure Unit Plans Brazil IPO

Spanish infrastructure company Isolux Corsan has filed for an IPO for its Brazil-based Isolux Infrastructure unit. Isolux Infrastructure operates road concessions, transmission lines and solar energy plants in Brazil, India, Italy, Spain, the US, Mexico and Peru, and transferred its headquarters to Sao Paulo last year to focus on EM expansion. Proceeds from the primary share-only sale would go towards investments in transmission and road concessions, and also for working capital and repaying debt. Isolux does not state the size or timing of the transaction, noting only that Credit Suisse and Santander have been picked to manage. It has been active in Brazil since 2000. The country accounts for 50% of the EUR7.5bn ($10.8bn) of projects the company is developing worldwide. Isolux infrastructure brought in BRL595m of Ebitda for the full year 2010, with 43% coming from Brazil. It also plans to expand in the region, specifically in Chile and Colombia.