Ferrovial agrees to acquire up to 5.06% of 407 ETR from AtkinsRéalis
Ferrovial has announced an agreement to acquire up to a 5.06% stake in 407 ETR from AtkinsRéalis for approximately CAD $2.09 billion. The transaction is structured in two tranches: 3.30% at closing and 1.76% deferred for up to 18 months through a put and call option agreement. This acquisition would increase Ferrovial's ownership in 407 ETR to 48.29%.
The deal is part of a larger transaction where AtkinsRéalis will sell its remaining 1.7% stake to CPP Investments, while PSP Investments will acquire a 7.51% interest from CPP Investments. The transactions are expected to complete in Q2 2025, subject to closing conditions.
407 ETR is a 108-kilometer electronic toll highway in the Greater Toronto Area, serving over three million people weekly. Ferrovial has been a shareholder since 1999, demonstrating long-term commitment to this infrastructure asset.
Ferrovial ha annunciato un accordo per acquisire fino al 5,06% delle azioni di 407 ETR da AtkinsRéalis per circa CAD $2,09 miliardi. La transazione è strutturata in due tranche: il 3,30% al momento della chiusura e l'1,76% differito per un massimo di 18 mesi tramite un accordo di opzione di vendita e acquisto. Questa acquisizione aumenterebbe la partecipazione di Ferrovial in 407 ETR al 48,29%.
L'accordo fa parte di una transazione più ampia in cui AtkinsRéalis venderà la sua restante partecipazione dell'1,7% a CPP Investments, mentre PSP Investments acquisirà un interesse del 7,51% da CPP Investments. Si prevede che le transazioni si completino nel secondo trimestre del 2025, soggette a condizioni di chiusura.
407 ETR è un'autostrada a pedaggio elettronico di 108 chilometri nella Grande Area di Toronto, servendo oltre tre milioni di persone settimanalmente. Ferrovial è azionista dal 1999, dimostrando un impegno a lungo termine verso questo asset infrastrutturale.
Ferrovial ha anunciado un acuerdo para adquirir hasta el 5,06% de participación en 407 ETR de AtkinsRéalis por aproximadamente CAD $2,09 mil millones. La transacción se estructura en dos tramos: el 3,30% al cierre y el 1,76% diferido por hasta 18 meses a través de un acuerdo de opción de venta y compra. Esta adquisición aumentaría la propiedad de Ferrovial en 407 ETR al 48,29%.
El acuerdo forma parte de una transacción más amplia en la que AtkinsRéalis venderá su participación restante del 1,7% a CPP Investments, mientras que PSP Investments adquirirá un interés del 7,51% de CPP Investments. Se espera que las transacciones se completen en el segundo trimestre de 2025, sujeto a condiciones de cierre.
407 ETR es una autopista de peaje electrónico de 108 kilómetros en el Área Metropolitana de Toronto, que sirve a más de tres millones de personas semanalmente. Ferrovial ha sido accionista desde 1999, demostrando un compromiso a largo plazo con este activo de infraestructura.
Ferrovial는 AtkinsRéalis로부터 407 ETR의 최대 5.06% 지분을 약 CAD $2.09억 달러에 인수하기 위한 계약을 발표했습니다. 이 거래는 두 개의 트랜치로 구성되어 있으며, 첫 번째는 클로징 시 3.30%이고 두 번째는 18개월 이내에 이행될 수 있는 1.76%의 연기된 지분입니다. 이 인수는 Ferrovial의 407 ETR 소유 지분을 48.29%로 증가시킬 것입니다.
이번 거래는 AtkinsRéalis가 남은 1.7% 지분을 CPP Investments에 판매하고, PSP Investments가 CPP Investments로부터 7.51%의 지분을 인수하는 더 큰 거래의 일환입니다. 거래는 2025년 2분기 내에 완료될 것으로 예상되며, 클로징 조건에 따라 달라질 수 있습니다.
407 ETR은 토론토 대도시 지역에 위치한 108킬로미터의 전자 통행료 고속도로로, 매주 300만 명 이상의 사람들이 이용합니다. Ferrovial은 1999년부터 주주로 활동해 왔으며, 이 인프라 자산에 대한 장기적인 헌신을 보여주고 있습니다.
Ferrovial a annoncé un accord pour acquérir jusqu'à 5,06% des actions de 407 ETR auprès d'AtkinsRéalis pour environ CAD $2,09 milliards. La transaction est structurée en deux tranches : 3,30% à la clôture et 1,76% différé pendant jusqu'à 18 mois via un accord d'option de vente et d'achat. Cette acquisition augmenterait la participation de Ferrovial dans 407 ETR à 48,29%.
L'accord fait partie d'une transaction plus large où AtkinsRéalis vendra sa participation restante de 1,7% à CPP Investments, tandis que PSP Investments acquerra un intérêt de 7,51% de CPP Investments. Les transactions devraient être finalisées au deuxième trimestre de 2025, sous réserve des conditions de clôture.
407 ETR est une autoroute à péage électronique de 108 kilomètres dans la grande région de Toronto, servant plus de trois millions de personnes chaque semaine. Ferrovial est actionnaire depuis 1999, démontrant un engagement à long terme envers cet actif d'infrastructure.
Ferrovial hat eine Vereinbarung angekündigt, bis zu 5,06% der Anteile an 407 ETR von AtkinsRéalis für etwa CAD $2,09 Milliarden zu erwerben. Die Transaktion ist in zwei Tranchen strukturiert: 3,30% bei Abschluss und 1,76%, die bis zu 18 Monate aufgeschoben werden können, durch eine Kauf- und Verkaufsoption. Diese Akquisition würde den Anteil von Ferrovial an 407 ETR auf 48,29% erhöhen.
Das Geschäft ist Teil einer größeren Transaktion, bei der AtkinsRéalis seinen verbleibenden 1,7% Anteil an CPP Investments verkaufen wird, während PSP Investments einen 7,51% Anteil von CPP Investments erwerben wird. Die Transaktionen sollen im zweiten Quartal 2025 abgeschlossen werden, vorbehaltlich der Abschlussbedingungen.
407 ETR ist eine 108 Kilometer lange elektronische Mautstraße im Großraum Toronto, die wöchentlich über drei Millionen Menschen bedient. Ferrovial ist seit 1999 Aktionär und zeigt damit ein langfristiges Engagement für dieses Infrastrukturvermögen.
- Significant ownership increase to 48.29% in a strategic infrastructure asset
- Strong asset performance with over 3 million weekly users
- Structured payment approach with deferred portion offering financial flexibility
- Large capital expenditure of CAD $2.09 billion required
- Transaction completion dependent on third-party deal between CPP Investments and PSP
- Extended closing period creates execution risk
Insights
Ferrovial's agreement to acquire an additional 5.06% stake in 407 ETR for
The transaction structure is particularly noteworthy - splitting the acquisition into an immediate
The 407 ETR represents one of North America's premier toll road assets with consistent cash flow generation capabilities. Ferrovial's increased stake should provide greater influence over operational decisions and a larger share of distributable cash flows. Having maintained its investment since 1999, this transaction reinforces Ferrovial's long-term infrastructure investment strategy.
For context, this transaction occurs alongside coordinated ownership changes with Canada Pension Plan Investment Board and Public Sector Pension Investment Board, indicating a broader realignment of this asset's ownership structure among sophisticated infrastructure investors. The
With this transaction, Ferrovial would increase its ownership in 407 ETR to
Separate deals have been announced today by which AtkinsRéalis would sell its remaining
The transactions are expected to be completed during the second quarter of 2025 and are subject to the closing of CPP Investments' sale to PSP Investments, as well as other customary closing conditions.
Highway 407 ETR is a 108 kilometer, all-electronic, open-access toll highway located in the Greater Toronto Area in Ontario,
As a shareholder since 1999, Ferrovial has demonstrated its enduring commitment to 407 ETR which serves the citizens of the
This press release contains inside information within the meaning of article 7(1) of the Regulation (EU) Nº 596/2014, of the European Parliament and of the Council, of 16 April 2014, on market abuse.
Forward-looking statements
This press release contains forward-looking statements. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the terms and conditions of the transaction, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "target," "anticipate" and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: risks related to our diverse geographical operations and Business Divisions; risks related to our acquisitions, divestments and other strategic transactions that we may undertake and considering that our business is derived from a small number of projects; the impact of competitive pressures in our industry and pricing, including the costs of and lack of certainty in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us; our ability to obtain adequate financing in the future as needed; our ability to maintain compliance with the continued listing requirements of Nasdaq Global Select Market, Euronext Amsterdam and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; impact of any changes in existing or future tax regimes or regulations; risks specific to our securities, including the payment of future dividends, which will depend on our financial condition and results of operations, and the liquidity of our shares as a consequence of the multiple listings in different jurisdictions; risks related to increased digitalization and to cybersecurity threats; the impacts of accidents or other incidents at our project sites and facilities; physical and transitional risks in connection with the impacts of climate change; risks related to increased scrutiny and changing expectations in connection with sustainability and ESG matters; risks related to the adequacy or existence of our insurance coverage and any non-recoverable losses; risk associated with the international nature of our business and operations; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; our legal and regulatory risks given that we operate in highly regulated environments and may be subject to changes in regulations; risks related to our holding company structure and from our joint venture and partnership operations; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the
About Ferrovial
Ferrovial is one of the world's leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 25,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of
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FAQ
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