1. Ferrovial
  2. Investors

Ferrovial informs that its subsidiary Cintra, exercising its right of first refusal, will acquire a 5.704% stake (additional to its current 50%) in the I-66 toll road project (USA)

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Published on 09/23/2021

On corporate transactions

Pursuant to article 227 of the Consolidated Text of the Spanish Securities Market Act (Texto Refundido de la Ley del Mercado de Valores), FERROVIAL, S.A. (the “Company” or “Ferrovial”), reports on the following:

OTHER RELEVANT INFORMATION

Cintra, a subsidiary of Ferrovial and indirect owner of 50% of the share capital of the concessionaire company I-66 Express Mobility Partners Holdings LLC, has exercised its right of first refusal over 10% of the share capital owned by the partner John Laing. The percentage that Cintra will acquire is 5.704%, which means that it will hold 55.704% of the concessionaire company. Shares are purchased for an amount of €159 million (assuming an estimated closing date of 31 December 2021). Furthermore, there is a commitment of additional equity injections until the completion of construction corresponding to that 5.704%, which amounts to €31 million.

The closing of the transaction is subject to obtaining the administrative and financing entities approvals.

In accordance with paragraph 42 of IFRS 3, the acquisition of control of the concession company implies the recognition of an estimated capital gain for Ferrovial before taxes for an approximate amount of €1.023 million, as the previously acquired 50% stake has to be valued at fair value. This figure corresponds to the difference between the book value of the previous 50% stake (€374 million) and the fair value implicit in this stake (€1,397 million by reference to the value of the 5.704% acquired).

Additionally, by taking control of the concession company, 100% of the project debt would be integrated into Ferrovial’s consolidated balance sheet, which is estimated to be €1,780 million as of 31 December 2021. The capital gain generated would also be integrated into this balance sheet, including the portion attributable to minority shareholders, most of which would be allocated to an intangible asset relating to the concession, which will be amortized over the life of this concession.

Madrid, 23 September 2021

Santiago Ortiz Vaamonde

Secretary of the Board of Directors of Ferrovial, S.A.

More information about this Other Relevant Information

English translation for information purposes only. In the event of discrepancies between the English and the Spanish version, the Spanish version shall prevail.

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