VINCI raises its stake in Lusoponte, concession-holder for the two bridges over the Tagus
29 September 2008 - Acquisitions - Portugal
Macquarie Infrastructure Group has accepted a firm offer from VINCI to raise the latter’s stake in Lusoponte from 30.85% to 37.27%. In so doing, VINCI is exercising its right of pre-emption by proposing to purchase 6.42% of the 30.61% held until now by Macquarie Infrastructure Group. The investment is expected to represent a maximum of €23 million. The balance is expected to be purchased by Mota-Engil Concessoes da Transporte (Mota), thereby giving VINCI and Mota control of the company. This transaction, which is subject to approval by the concession grantor and to non-exercise by the other Lusoponte concession holders of their pre-emption rights, is expected to be closed by the end of the year.
The 12.3-km long Vasco-de-Gama bridge across the Tagus estuary was built by VINCI on the occasion of the World Exposition of 1998 in order to relieve traffic pressure on the 25-April bridge. Lusoponte holds the concession for the two bridges until 2030 and all potential future crossings over the Tagus. Toll-paying traffic exceeded a daily average of 100,000 vehicles in 2007.
This investment confirms VINCI’s interest in large infrastructure projects in Portugal.
VINCI is a global player in concessions and contracting, employing close to 211,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.