Spanish infrastructure operator GlobalVia is looking for roughly Eu500 million ($690 million) in financial equity to pursue road and rail bids in anticipation of an eventual initial public offering. GlobalVia, a joint venture of FCC and Caja Madrid, has hired JP Morgan and Macquarie to advise on the process, and according to chief executive Juan Bejar, is targeting pension funds, insurance companies and other institutions. GlobalVia was careful to avoid specifying a timeline or target commitment, the deal could close in the first half of 2011.
According to Bejar, GlobalVia wants to pursue brownfield transportation assets that produce an internal rate of return in the 10% to 15% range. GlobalVia ranks second globally, after ACS, in number of PPP concessions operated, but has made very limited headway in markets such as the US, Canada and UK. Bejar, who joined GlobalVia from Citi Infrastructure Investors in 2009, needs to make the...
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