Investment bank Bankia and Spanish construction firm 4914 FCC have sold their 50-50 joint venture infrastructure management firm 1377 Globalvia to three pension funds for €420 million.
Madrid-based Bankia and FCC -- Fomento de Construcciones y Contratas, based in Barcelona -- said their decision to sell their holdings was part of their plans to divest non-strategic businesses.
Globalvia manages public-private partnerships, of which 90% are in Spain.
Purchasers are UK-based USS, OPTrust in Canada and Netherlands-based PGGM. USS is the Universities Superannuation Scheme, the principal pension scheme provided by universities, higher education and other associated institutions for their employees.
Originally, a sale was agreed with the sovereign fund of Malaysia. But the preferential subscription right gave creditors the right to buy.
A written statement from Bankia said, “the price of the transaction is identical to the price previously agreed by Bankia and FCC with Khazanah Nasional Berhad, the Malaysian government's strategic investment fund, announced on July 1”.
Payment will be in two parts with the first €166 million made at formalisation of the operation and the remainder in the first half of 2017.
In June 2013, FCC announced the opening of the 1.9km Vidin-Calafat Bridge – officially New Europe Bridge - over the Danube linking Bulgaria and Romania.
The €275 million bridge took six years to build, was financed partly by the European Union and will carry 100,000 vehicles a year. The bridge consists of a four-lane motorway, a bike path, two pedestrian walkways and central railway tracks. FCC also built railway station accesses, refurbished a passenger station and laid down 17km of railway track.
Bankia is an investment bank created in 2011 with the integration of seven smaller banks in Spain. Bankia recorded net attributable profit of €556 million in the first half of 2015, up 11.5% year-on-year.
Madrid-based Bankia and FCC -- Fomento de Construcciones y Contratas, based in Barcelona -- said their decision to sell their holdings was part of their plans to divest non-strategic businesses.
Globalvia manages public-private partnerships, of which 90% are in Spain.
Purchasers are UK-based USS, OPTrust in Canada and Netherlands-based PGGM. USS is the Universities Superannuation Scheme, the principal pension scheme provided by universities, higher education and other associated institutions for their employees.
Originally, a sale was agreed with the sovereign fund of Malaysia. But the preferential subscription right gave creditors the right to buy.
A written statement from Bankia said, “the price of the transaction is identical to the price previously agreed by Bankia and FCC with Khazanah Nasional Berhad, the Malaysian government's strategic investment fund, announced on July 1”.
Payment will be in two parts with the first €166 million made at formalisation of the operation and the remainder in the first half of 2017.
In June 2013, FCC announced the opening of the 1.9km Vidin-Calafat Bridge – officially New Europe Bridge - over the Danube linking Bulgaria and Romania.
The €275 million bridge took six years to build, was financed partly by the European Union and will carry 100,000 vehicles a year. The bridge consists of a four-lane motorway, a bike path, two pedestrian walkways and central railway tracks. FCC also built railway station accesses, refurbished a passenger station and laid down 17km of railway track.
Bankia is an investment bank created in 2011 with the integration of seven smaller banks in Spain. Bankia recorded net attributable profit of €556 million in the first half of 2015, up 11.5% year-on-year.
