Abertis to become world leader managing highways after integrating OHL’s business in Brazil and Chile
The Barcelona-based multinational will manage more than 7,500 kilometres of toll highways worldwide and will increase the company’s annual turnover by €1 billion. The Catalan company Abertis will become the world’s leader in the highway management sector after adding OHL’s concessions in Brazil and Chile. In exchange, OHL would buy ACS’s shares in Abertis, which represent 10% of the Catalan company. The operation is not fully closed yet, pending to be approved by the respective boards, but it has already been officially announced.
Barcelona (ACN).- The Catalan company Abertis and OHL have reached an agreement that will make the Barcelona-based company to become the world’s leader in the highway management sector. Abertis will add OHL’s highway concessions in Brazil and Chile, which will increase the Catalan company’s annual turnover by €1 billion, a 25% increase from 2011 results. In exchange, OHL would purchase 10% of Abertis shares, which are currently controlled by the construction company ACS, and assume part of the company’s debt. The operation was announced on Tuesday night and confirmed by Abertis’ CEO, Francisco Reynés, on Wednesday morning, although it still needs to be ratified by the respective companies’ boards. With this operation, Abertis will manage 7,500 kilometres of toll highways. Futhermore, it will enter into the Brazilian market and will consolidate its leadership in Chile. OHL’s assets transferred are 9 highway concessions in Brazil, totalling 3,227 kilometres, and 3 concessions in Chile, with 342 kilometres. The operation will foster Abertis’ internationalisation. The Catalan company now wants to increase its presence in other markets such as the United States, Puerto Rico, Canada, and Mexico.
In Brazil, OHL assets are located in Sao Paulo, Minas Gerais, Rio de Janeiro, Santa Catarina, and Paraná. Four concessions depend on the Sao Paulo State: Autovias, Centrovias, Intervias and Vianorte. The remaining five concessions depend on the federal highway network: Autopista Fernao Dias, Autopista Regis Bittencourt, Autopista Litoral Sul, Autopista Planalto Sul, and Autopista Fluminense.
In Chile, the assets that Abertis will pass to control are Autopista Los Andes, Autopista del Sol, and Autopista Los Libertadores. After the operation, Abertis will become leader in Chile, where currently it is one of the main companies managing highways. It already manages Elqui concession, Autopista Central and Pacific roads.
Abertis increased its net profits by 88%
The Barcelona-based company’s net profit increased by 88% over the first quarter of 2012, reaching €517 million. The net comparable results represented €117 million, 3% more than compared to the same period of 2011, informed the company.