Skanska is selling its 50-percent share in the company that owns the PPP highway concession Autopista Central in Santiago, the capital of Chile. The buyer is Alberta Investment Management Corporation (AIMCo), one of Canada’s largest institutional management firms managing funds on behalf of the Province of Alberta, certain public pension and endowments.
The buyer is acquiring the Skanska-owned Swedish holding companies that own the 50-percent share in Autopista Central. The gain on sale after tax amounts to approximately SEK 5 billion and corresponds to a gain of SEK 12 per share in Skanska. The transaction will generate a positive net cash flow of approximately SEK 6 billion.
The deal is conditioned upon approval from the bond guarantor and necessary amendments to the financing agreements. It’s also conditioned upon receiving these approvals within nine months. The gain will be recognized when all conditions are achieved which is expected to occur in 2011, at the earliest in the second quarter.
“This deal gives a very good result for Skanska and our shareholders. The investment in Autopista Central is Skanska’s most successful ever,” says Johan Karlström, Skanska’s President and CEO.
Skanska Infrastructure Development is a leader in the global PPP market. The business unit invests in, develops and operates roads, hospitals, schools, power plants and other social infrastructure in partnership with the public sector.