Milbank, Tweed, Hadley & McCloy has advised IFM Investors on the acquisition of a 24.99 per cent equity stake in toll road operator Organizacion de Proyectos de Infraestructura (OPI).
OPI is the parent company of Concesionaria Mexiquense (Conmex), the operator of the Circuito Exterior Mexiquense, a 110-km toll road system in Mexico City. The final purchase price was MXN9,181 million (USD610 million).
The seller is infrastructure group OHL Mexico.
IFM Investors is a global fund manager with offices in Australia, North America, Europe, and East Asia. Established more than 20 years ago and owned by 30 major pension funds, the firm manages institutional strategies across infrastructure (equity and debt), debt investments, listed equities and private capital.
The transaction includes IFM Investors’ acquisition of a 24.99% equity interest in OPCEM, a subsidiary which will be responsible for the operation and maintenance of Conmex.
Conmex operates the Circuito Exterior Mexiquense toll road in the northeastern region of Mexico City’s ring road and is located in a densely populated and industrialized area with a high volume of traffic.
Milbank’s deal team was led by New York-based corporate and energy partner John Franchini and project finance partner Jonathan Green. The team also included antitrust partner Fiona Schaeffer, project finance associate Alejandra Garcia Garcia, and corporate associates Andrew Everett and James Ebberson.
“We’re delighted to have worked with the talented team at IFM Investors in taking a large minority stake in the operator of a significant Mexican transportation infrastructure asset,” says Franchini.
