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News

15 June 2017

The cash tender offer is subject to a minimum acceptance condition of 95% of its capital stock

OHL Concesiones and IFM launch a Cash Tender Offer for 100% of the free float OHL México through the corporate vehicle Magenta Infraestructura

  • It reinforces the partnership with IFM GIF, a global infrastructure fund with over US$62 billion of assets under management and significant experience in toll road investments across Mexico, the US, UK and Australia

  • OHL has been partnered with IFM GIF in relation to the Mexiquense Beltway in Mexico since 2015

The National Banking and Securities Commission (CNBV)  of Mexico has approved the cash tender offer launched by the OHL Concesiones and IFM Global Infrastructure Fund (IFM GIF) for 100% of the free float of OHL México at a price of $MX 27.00 per share. The transaction will be carried out through Magenta Infraestructura (Magenta), a corporate vehicle constituted for this purpose, currently 100% owned by OHL Concesiones.

At present, OHL México has a free float of 41.99%, treasury shares of 1.15% and OHL Concesiones controls 56.86% of its social capital.

The Board of Directors of OHL Mexico, by unanimous resolution of its independent members, has determined the Offer Price to be fair from a financial perspective, taking into consideration both the opinion issued by the independent expert (Rothschild Mexico S.A. de C.V.), and the opinion of the Corporate Practices Committee of OHL Mexico.

The acceptance period will open on June 15th and will close on July 19th, 2017 and the offer is subject among other conditions, to shares accepting the offer that, together with 56.86% of the shares of OHL Mexico already held by OHL Group (and that will be contributed to Magenta), will allow Magenta to reach a minimum 95% of OHL Mexico’s share capital.

The agreements reached with IFM GIF to jointly launch the offer include:

  • IFM GIF to contribute to Magenta the necessary funds to close the offer through a capital increase
  • The shareholders agreement between OHL Concesiones (as controlling shareholder) and IFM GIF to operate Magenta
  • The 400 million euro loan that IFM GIF will provide OHL Concesiones which, upon the closing of the offer, will be used to repay in full the same amount exchangeable bond into OHL Mexico shares maturing April 2018 

This operation, registered with The National Banking and Securities Commission (CNBV) on 14 June, represents the addition of a strategic business partner, IFM GIF, to OHL México. Thanks to this transaction, the OHL Group reinforces its partnership with IFM GIF, which commenced in 2015 when IFM GIF invested in the Mexiquense Beltway, in which it currently has a 39% share.   

For further information regarding the Cash Tender Offer on 100% free float of OHL México please go to www.bmv.com.mx, www.gob.mx/cnvb y www.ohlmexico.com.mx

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