Mexico’s Cablestar is taking a majority stake in Bestel for $325m, including $256m in cash and a $69m capital injection. Private Mexican telecom Bestel provides data and long distance service to phone carriers in the US and Mexico. Cablestar is 70% owned by Cablevision, which is 51% owned by Televisa.
Category: Regions
Posted inDaily Brief
LatAm Equity Fund Gains Return
LatAm equity funds in the week ended August 30 clocked in a steady 1.51% return, less than the 2.55% and 4.46% returned by EM equity funds and China Region equity funds during the same period, according to Lipper. LatAm outperformed the majority of the fund classes tracked by the service, most which were negative or came in under 1.00%. In the previous week, LatAm funds roared back with a 11.71% gain. Year to date, LatAm has given investors an encouraging 18.67%, a world of difference from the 4.42% YTD returns registered halfway through the month.
Posted inDaily Brief
ICA Planning Equity Issue for up to $550m
Mexican engineering and construction firm Empresas ICA said Friday that shareholders have approved a $550m equivalent capital increase through the issuance in Mexico and abroad of up to 90 million shares. The ICA board will determine timing of the transaction over a 12-month period starting in September, depending on working capital requirements. Proceeds will be used to finance existing and potential infrastructure projects and acquire land reserves for housing construction, debt repayment, and other purposes. ICA recently won a 30-year FARAC highway concession in a joint venture with Goldman Sachs. The $3.7bn equivalent deal is being syndicated by Santander.
Posted inDaily Brief
Mexico’s OMA Launches Mini Share Buyback
Grupo Aeroportuario del Centro Norte (OMA), has launched a share buyback of MXP100m, which is part of a MXP400m program approved in April. The company runs 13 airports in Mexico and is partly controlled by Aeroinvest, an investment company which in turn is controlled by ICA. The latter recently won the rights to run the first FARAC toll road concession and the La Yesca hydro-electric facility, deals worth a combined $5bn.
Posted inDaily Brief
Pemex Platform Financing Coming
Grupo R, a Mexican concessions operator, is preparing to take out a $600m one-year bridge loan it has secured with BBVA and WestLB with a project financing of up to 7.5 years, according to people familiar with the deal. The asset-based, charter-backed financing will help fund the construction of Muralla III, a Pemex platform, and is expected in the fourth quarter.
Posted inMagazine
Cautious Optimism
Growth forecasts are bullish for the Caribbean, where overspending on sports is countered by tourism and construction investment. However, crime is still an issue.
Posted inMagazine
Colombia Builds Road to the Sun
With the IFC’s help, Colombia is drawing up its own blueprint for infrastructure finance. Local investors are rubbing their hands as the government seeks a replicable model.
Posted inMagazine
Challenges Accumulate
The next Jamaican prime minister faces significant challenges, including too much debt, rising unemployment and a crime wave.
Posted inMagazine
Pushing Beyond El Dorado
Odinsa, Colombia’s only publicly traded concessions operating firm, is looking to capitalize on a major government infrastructure push.
Posted inMagazine
NGC Sees Downstream Opportunity
Trinidad and Tobago’s National Gas Company is developing new markets and predicts growth in pipeline projects. It is not planning to raise any new funds this year.