CDPQ and ICA create an operational platform dedicated to transport projects in Mexico
The Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers, has partnered with Empresas ICA, S.A.B. de C.V. (ICA), the largest infrastructure and construction company in Mexico, to create an operational platform owning the concessions for four of ICA’s operational toll roads and highways.
The operational platform, ICA Operadora de Vías Terrestres (ICA OVT), will be a venture company jointly owned by ICA and CDPQ. The four highways and tollroads included in the initial transaction are, Mayab tollroad, Rioverde – Ciudad Valles highway, La Piedad Bypass and the Acapulco Tunnel.
Under the terms of the transaction ICA owns 51% and CDPQ 49% of the platform. For its equity interest, CDPQ is paying ICA 3,014 million pesos which will in turn be principally used to prepay ICA’s short term corporate debt.
ICA and CDPQ will operate the joint venture with a focus on participating in the operation and acquisition of highway and toll-road infrastructure assets in Mexico.
ICA will continue to be responsible for the operation of the highways and for all maintenance requirements.