Isolux Withdraws Brazil IPO

Spanish infrastructure company Isolux Corsan has withdrawn registration documents for the IPO of its Brazil-based Isolux Infrastructure unit, according to the CVM. It had filed for the deal last year, via Credit Suisse and Santander. 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 were destined to go towards investments in transmission and road concessions, and also for working capital and repaying debt. It has been active in Brazil since 2000, and the country accounts for 50% of the EUR7.5bn ($10.8bn) of projects the company is developing worldwide.