Skanska divests 50 percent of Chile toll road Antofagasta for about SEK 275 M
Skanska has sold 50 percent of its stake in the PPP (Private Public Partnership) highway Autopistas de Antofagasta in Chile. Skanska received a total sales price corresponding to about SEK 275 M resulting in a gain of about SEK 50 M. Income from the divestment is included in the third quarter.
Skanska will remain owner of the remaining 50 percent of the shares in the project company. The sell-down leads to accounting reclassification and the project company will be treated as an associated company, which is similar to all other projects in the Skanska PPP-portfolio. This will lead to deconsolidation of about SEK 340 M in assets and interest-bearing debt that the project company has borrowed to finance the highway construction.
The road runs through the Chilean mining district. The concession to design, construct, operate and maintain the toll road was won by Skanska in 2010 and it is estimated to be open to traffic by December 2012. The buyer is Inversiones Infraestructura Dos S.A., a Chilean company owned by two investment funds managed by Las Américas, an investment funds manager with over 15 years of experience investing and developing infrastructure projects in Latin America. Las Américas belongs to the Chilean group PENTA.
Skanska Infrastructure Development is a leader in the global Public Private Partnerships (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.