 MACQUARIE INFRASTRUCTURE GROUP 2001-09-04 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
Macquarie Infrastructure Group (MIG) today announced that MIG had
agreed, subject to a limited number of conditions to acquire a 40%
interest in Grupo Ferrovial's subsidiary Cintra Concesiones de
Infraestructuras de Transporte (Cintra) for Euro8l6m ($A1,396m).
Completion is scheduled for January 2002.
Cintr
a has interests in 15 toll roads including a fully diluted 61%
stake in the world's largest privatised toll road, Highway 407 in
Toronto, Canada. The Highway 407 has a 99 year concession and is the
world's first fully electronic open access toll road. The other toll
roads in which Cintra has an interest include 8 in Spain, 2 in
Portugal and 4 in Chile.
Ferrovial is one of Europe's largest listed diversified construction
contractors with a market capitalisation of Euro2,657 m
illion ($4,545
million). Through its subsidiary Cintra, Ferrovial has been a leading
investor in privatised infrastructure projects and has recently
jointly acquired, with Macquarie Bank, Bristol Airport in the UK.
MIG believes that the acquisition of Cintra will give the group a
substantial ownership interest in one of the best toll road assets in
the world. In addition the strategic alliance of Cintra and MIG is
expected to create a world force in toll road financing and
o
peration. The toll roads in which Cintra and MIG have interests are
expected to handle around 1.4 million toll transactions daily.
The capital raising of A$1,550 million to fund the acquisition has
been fully underwritten by Macquarie Bank and UBS Warburg. Details of
the final capital raising structure is expected to be announced to
the market on Friday 7 September and it is anticipated that MIG
securities will remain in trading halt pending that announcement.
The offer wil
l comprise:
* A placement and an entitlement offer of fully paid stapled
securities to existing MIG institutional and retail security holders;
and potentially
* An entitlement offer of Deferred Equity Securities ("DES") to MIG
security holders together with an associated Bridge Loan. The DES
offer will include a number of options to acquire fully paid stapled
securities in MIG over a defined time frame.
A prospectus, together with the details of each security holder's
enti
tlement, will be dispatched shortly.
Further details of this acquisition have been provided in the
attached institutional presentation.
For further information please contact:
Anthony Kahn
MANAGING DIRECTOR
Macquarie Infrastructure Group
Phone: 61 2 8232 3305
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