Costanera Norte is to be sold to Autostrade S.p.A. and Sias S.p.A. at a price computed on 100% of the company of $282 million. Of this amount, $277 million will be paid at closing and $5 million as a guaranteed minimum earn-out over four years. Additional earn-outs totalling a maximum of $28 million are possible.
For the Impregilo Group, which holds a 77.9% share of Costanera Norte, the transaction will bring proceeds of approximately $220 million (i.e., 77.9% of $282 million).
At the current exchange rate, the Impregilo Group will have a gross capital gain of approximately €130 million.
In financial terms, the sale involves a net debt deconsolidation of approximately €235 million as well as a net cash inflow of around €165 million. The effect will be an improvement of around €400 million in the net financial position.
Closing is expected to take place by the end of March 2006.
Source: Impregilo Group
