ICA and CDPQ Complete Ps. 3,014 Million Transaction to Create ICA OVT, an Operational Platform Dedicated to Transport Project...
June 19 2015 - 7:50AM
Project Initially Includes
Four Mexican Tollroad and Highway Concessions, Totaling 433 km of
Highways Across Mexico
MONTREAL and MEXICO CITY, June 19, 2015 (GLOBE
NEWSWIRE) -- Empresas ICA, S.A.B. de
C.V. (BMV:ICA) (NYSE:ICA), the largest infrastructure and
construction company in Mexico, and CDPQ (Caisse de dépôt et
placement du Québec), one of Canada's leading institutional fund
managers, announced today the completion of the transaction to
create an operational platform that owns the concessions for four
of ICA's operational toll roads and highways.
The operational platform, ICA Operadora de Vías
Terrestres ("ICA OVT") is a newly formed joint venture company. ICA
transferred its ownership interest in the concessionaires for the
four projects to ICA OVT. Under the terms of the transaction, ICA
owns 51% of the platform and CDPQ 49%. For its equity interest,
CDPQ is paying ICA Ps. 3,014 million which will in turn be
principally used to prepay ICA's short term corporate debt.
ICA and CDPQ will operate the joint venture with a
focus on participating in the operation and acquisition of highway
and toll-road infrastructure assets in Mexico. ICA will
continue to be responsible for the operation of the highways and
for all maintenance requirements. The four highways and tollroads
included in the initial transaction are, Mayab tollroad, Rioverde -
Ciudad Valles highway, La Piedad Bypass and the Acapulco
Tunnel.
Alonso Quintana, ICA's CEO, noted, "ICA is pleased
to form this partnership with CDPQ, a world-class fund
manager. This transaction enables ICA to monetize a
significant portion of our investment in these mature assets, and
redeploy the capital to reduce corporate debt and fund our
investments in the next wave of infrastructure development that is
occurring in Mexico. This transaction represents the first step in
the creation of a platform that, by incorporating other similar
assets as they mature, will allow us to continue to grow in a
balanced manner, while at the same time systematically reducing our
leverage and creating value for ICA shareholders."
"This partnership with Mexico's largest
construction and infrastructure firm presents an opportunity to
increase our exposure to a promising market at a time when major
structural reforms are underway to step up infrastructure programs
and stimulate the country's economic growth," said Macky Tall,
Senior Vice-President, Private Equity and Infrastructure at
CDPQ.
"By partnering with ICA, a true industry leader,
we are doing more than simply investing in four Mexican highway
projects. We are creating a long-term operational platform to
foster our participation in major projects that have a direct
impact on the economy, while generating attractive returns for our
clients," added Mr. Tall.
This press release contains
projections or other forward-looking statements related to ICA that
reflect ICA's current expectations or beliefs concerning future
events. Such forward-looking statements are subject to various
risks and uncertainties and may differ materially from actual
results or events due to important factors such as changes in
general economic, business or political or other conditions in
Mexico, Latin America or elsewhere, changes in capital markets in
general that may affect policies or attitudes towards lending to
Mexico or Mexican companies, changes in tax and other laws
affecting ICA's businesses, increased costs, unanticipated
increases in financing and other costs or the inability to obtain
additional debt or equity financing on attractive terms and other
factors set forth in ICA's most recent filing on Form 20-F and in
any filing or submission ICA has made with the SEC subsequent to
its most recent filing on Form 20-F. All forward-looking statements
are based on information available to ICA on the date hereof, and
ICA assumes no obligation to update such statements.
ABOUT ICA
Empresas ICA, S.A.B. de C.V. is Mexico's largest
infrastructure company. ICA carries out large-scale civil and
industrial construction projects and operates a portfolio of
long-term assets, including airports, toll roads, water systems,
and real estate. Founded in 1947, lCA is listed on the Mexican and
New York Stock exchanges. For more information,
visit ir.ica.mx.
ABOUT CDPQ (CAISSE DE DÉPÔT ET
PLACEMENT DU QUÉBEC)
La Caisse de dépôt et placement du Québec is a
long-term institutional investor that manages funds primarily for
public and parapublic pension and insurance plans. As at December
31, 2014, it held C$226 billion in net assets. As one of Canada's
leading institutional fund managers, CDPQ invests in major
financial markets, private equity, infrastructure and real estate,
globally. Its infrastructure portfolio totals more than C$10
billion in assets. For more information: www.cdpq.com.
Empresas ICA
Gabriel de la Concha, CFO
Elena Garcia, Investor Relations
+5255 5272 9991 x
3608
relacion.inversionistas@ica.mx
In the US: Daniel Wilson
Zemi Communications
+1 212 689 9560
dbmwilson@zemi.com
Caisse de depot et placement du Quebec
Maxime Chagnon
Senior Director, Media Relations
+1 514 847 5493
mchagnon@cdpq.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via
Globenewswire
HUG#1929778