Spanish infrastructure and energy developer Acciona has agreed to sell its stake in two Chilean highway concessions to Italy's Atlantia for 9.3mn UF (Chile's inflation-linked units; about US$424mn).
Atlantia will take over a 50% stake in concessionaires Autopista Vespucio Sur and Litoral Central, as well as Operación y Logística de Infraestructura (Operalia).
Vespucio Sur operates 24km of capital Santiago's Américo Vespucio beltway, while Red Vial Litoral Central operates 79km of coastal highway in region V.
The sale agreement, which is still subject to authorization, includes 8.9mn UF in cash and 378,000 UF in subrogated debt, Acciona said in a statement sent to Spain's securities regulator CNMV. Atlantia has also agreed to forward Acciona a construction payment pending from the public works ministry (MOP).
Spanish bank BBVA coordinated the transaction, which is part of the Acciona's plan to sell off mature concession assets to boost new investment in the sector.
Acciona will continue to participate in Chile's tollroad sector through its concession for region VIII's Ruta 160 highway, which involves building a 91km stretch connecting Arauco and Concepción provinces.
The firm was awarded the 40-year concession in July 2008 and plans to invest 200mn euros (US$285mn) in the project.