In a major infrastructure transaction in Latin America, Milbank, Tweed, Hadley & McCloy LLP has advised IFM Investors in acquiring a 24.99% equity stake in Organizacion de Proyectos de Infraestructura (OPI), the parent company of Concesionaria Mexiquense (Conmex), the toll road operator of Circuito Exterior Mexiquense, a 110-km toll road system in Mexico City. The final purchase price was MXN$9,181 million (US$610 million, based on an exchange rate of 15.06 MXN/USD. The final purchase price at completion reflects customary closing adjustments to the initial purchase price of MXN$8,777 million).
The seller is leading 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,” Mr. Franchini said.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.
