Tag Archives: Globalvia

“Pocahontas Parkway acquisition reaches financial close” – InfraAmericas

20 Dec 2016 | USA | Roads | Nora Zhou

The acquisition of the Pocahontas Parkway has reached financial close after an eight-month long process, according to a 20 December announcement.

The Spanish firm Globalvia offered over USD 600m for the asset. This acquisition marks Globalvia’s first investment in the North American market.

The acquisition is financed through a combination of equity and debt, which Allianz has provided through long-term bonds. White & Case advised the company.

A source familiar with the sale told InfraAmericas that the debt to equity ratio is close to 50:50. The source added that there is slightly more equity than debt, but declined to provide specifics.

Chadbourne & Parke acted as Globalvia’s legal counsel, according to the announcement. RBC Capital Markets was the buyer’s financial adviser.

Evercore Partners was the seller’s financial advisor.

The asset had been owned by a unit of Macquarie (50.5%) and a consortium comprising TPG and Citigroup (49.5%). The Macquarie unit acquired TPG and Citigroup’s stake in August 2015, for around USD 400m, as InfraAmericas reported.

Pocahontas Parkway is a 16.7-kilometer long, four-lane road connecting the southern part of the city of Richmond with major traffic arteries in the area.

Globalvia also bid for Brisa’s Northwest Parkway in Colorado. A consortium comprised of DIF Infrastructure IV, HICL Infrastructure and Canada’s Northleaf Capital Partners won the bid in early December.

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“Globalvia to acquire Pocahontas Parkway”

Globalvia has been named as the preferred bidder for the Pocahontas Parkway in Virginia, valued at $600m.

This is the Spanish firm’s first acquisition in the North American market.

Financial close is subject to the Virginia Department of Transportation’s (VDOT) approval, which is expected sometime in the fall of 2016. The transaction is slated to reach financial close before the end of the calendar year.  The concession period will end in 2105.

The Pocahontas Parkway had been owned by Macquarie, and a consortium comprising TPG and Citigroup. The Macquarie unit acquired TPG and Citigroup’s stake in August 2015 for approximately $400m.

This acquisition will have no effect on the public traveling the Pocahontas Parkway.