IFM Investors invests in Mexican infrastructure
Industry superannuation fund investment services provider IFM Investors (IFMI) has entered another infrastructure deal, this time acquiring a 24.99 per cent stake in a Mexican infrastructure group.
IFMI, formerly Industry Funds Management, will acquire the stake in Organizacion de Proyectos de Infraestructura (OPI), which owns Concesionaria Mexiquense (Conmex), the company in charge of the 111km Mexican toll road Circuito Exterior Mexiquense (CEM).
IFMI will pay US$600 million ($730 million), which also includes the acquisition of a 24.99 per cent equity interest in OPCEM, a new company in charge of maintaining Conmex.
IFMI believes Conmex is a valuable investment for its "strategic geographical position, long concession duration and Mexico's positive macroeconomic outlook".
The offer price is on a cash-free basis, taking into account OPI debt of MXN 4,073 million ($338.93 million), valuing 100 per cent of Conmex's equity at MXN 40,097 million ($3.34 billion).
The toll road has a remaining concession life of 37 years.
The transaction will be finalised after once the approvals and authorisations come through.
Evercore were financial advisers to IFM Investors and BBVA Bancomer and Santander were advisers to OHL Mexico.
IFMI bought a 35.5 per cent stake in Manchester Airports Group, one of UK's biggest airport operators, in 2013.
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