Strabag to buy-out highway concession
By Chris Sleight02 June 2008
Strabag has announced plans to fully acquire the concession licence for the 156 km M5 motorway in Hungary. Buying the 75% it does not already own will cost € 257 million.
The motorway is currently operated by a licensing company called Alföld Koncessziós Autópálya Zrt (AKA). The majority shareholder in this company is banking and investment group Raiffeisen, through its infrastructure and concessions arm Raiffeisen PPP Infrastruktur Beteiligungs GmbH. The company acquired the Hungarian government's 39,48% stake in AKA at the start of the year, and subsequently exercised a call option to buy-out the other shareholders - Bouygues, Colas, Intertoll, Egis and MOL.
Strabag currently holds a 25% stake in AKA and has agreed to acquire the remainder from Raiffeisen for € 257 million. This will give it the right to operate the road until 2031.