Barcelona-based Abertis expands in Chile, taking 100% control of Rutas del Pacífico highways

Barcelona (ACN).- The Catalan highway and telecom company Abertis announced on Wednesday that it has closed a €291 million deal to buy the remaining 42.3% of the shares of the Chilean company Rutas del Pacífico, a highway management enterprise. Abertis, which is a world leader in the highway management business, already controls 57.3% of the South American company and now it has bought Capitsal Riesgo Global, Grupo Santander and Inversora de Infrastructuras (Invin) the rest of Rutas del Pacífico. The new operation will be completed in the second half of 2014, although the Catalan multinational will not have to pay the €291 million until August 2019. With this deal, Abertis will also take control of 50% of the Autopista Central highway company. According to the Catalan multinational, the two Chilean companies will generate combined revenue of 185 EBITDA this year. In addition, Abertis will become responsible for Rutas del Pacífico’s €162 million debt. The South American company’s highway licenses end in 2024, and Autopista Central’s run out in 2031.

The Barcelona-based multinational continues its international expansion in South America. In 2012 it became the world leader in the highway management business after integrating OHL’s business in Brazil and Chile. With this operation it entered into the Brazilian market, controlling 3,227 kilometres of toll highways in the country. It also expanded its presence in Chile, adding 342 kilometres to its Chilean network. In fact, Abertis leads the highway market in Chile and with this Wednesday’s operation it consolidates its top position.

With the Rutas del Pacífico operation, Abertis will also buy 10% of Invin (Inversora de Infrastructuras). According to the Catalan company, this “shows Abertis’ commitment to strengthening its industrial leadership role in the projects in which it participates”. In addition, the operation also “simplifies the company structure of its subsidiaries”, stated the Barcelona-based multinational. Now, the Catalan company controls 700 kilometres in six different highways in Chile, which makes it the country’s number one in terms of Ebitda.

Rutas del Pacífico – Ruta 68 – unites Santiago de Chile with Valparaíso and Viña del Mar along 141 kilometres in the country’s central coastal region. Autopista Central, which is 60 kilometres long and part of Santiago de Chile’s North-South higway system, is the urban road with the highest volume of traffic in the city.