Milbank LLP acted as counsel for GIC Special Investment Pte. Ltd. (“GIC”) in connection with its joint acquisition with Abertis Infraestructuras, S.A. (“Abertis”) of an approximate 70 percent stake in Red de Carreteras de Occidente S.A.B. de C.V. (“RCO”) from Goldman Sachs Infrastructure Partners and its affiliates. A consortium formed by GIC and Abertis will carry out the acquisition through a tender offer.
RCO is an integrated operator and developer of infrastructure and the largest privately owned pure-play toll road concessionaire and operator in Mexico. RCO manages five concessions that include 876 kilometers of eight toll roads that connect the industrial corridor of El Bajío with Mexico City and Guadalajara.
The Milbank team was led by Corporate partner John Franchini with senior associate Aaron Stine and associate Alex Wang.
“We are pleased to have worked with GIC in entering into this significant investment in RCO, together with its partner Abertis,” said Mr. Franchini. “This transaction demonstrates the continued interest of key financial and strategic investors in Mexico who see long-term value and opportunity in the market.”
The transaction is expected to close in the first half of 2020.