Ashmore negotiating acquisition of Accesos Norte II highway stake

Breaking News 1 November

Ashmore negotiating acquisition of Accesos Norte II highway stake

Emerging markets investor Ashmore Group is in conversations with the owners of Bogotá’s Accesos Norte II to buy the lion’s share of the urban highway project, according to two sources familiar with the transaction.

The Estructura Plural Ruta Bogotá Norte consortium, comprising 50:50 equity partners Spain-based OHLA and Colombian company Termotécnica Coindustrial, won the 29-year contract for the 18km (11.2-mile) road project in March this year.

Ashmore has a period of exclusivity in which to close a deal for up to 70% of the project, the first source said. Infralogic had previously reported that OHLA was seeking a co-investor for the highway.

OHLA and Termotécnica Coindustrial, which belongs to Colombian businessman William Vélez Sierra’s Grupo Empresarial Ethuss, will each keep 15%, the first source said.

Since selling its concessions business to IFM Investors in April 2018, OHLA has been involved in restructuring its business operations.

Mexican developer CAABSA and its owners, the Amodio brothers, acquired 25.96% of then OHL S.A. in July 2021 in a recapitalization, injecting EUR 37m (USD 42.6m at the time) into the engineering company and renaming it OHLA.

Since then, the company has bid for several Latin American infrastructure projects, including winning the tender for the second Chilean Hospital Group PPP, the Bío Bío Network in June 2021 and submitting the best economic proposal to build and operate the USD 173.6m National Cancer Institute hospital project, also in Chile.

Ashmore Group declined to comment. OHLA and Termotécnica Coindustrial did not respond to requests for comment .

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