Chilean infrastructure fund Frontal Trust Infraestructura Alpha Fondo de Inversión will acquire a 33% stake in the holding company of Brookfield’s Chilean toll roads, it announced on 11 January.
The fund said that the closing is subject to a series of conditions and should complete the acquisition in a period of 90 days from the signing of the agreement.
Brookfield had hired JP Morgan and Scotiabank to sell up to a 50% stake in the holding company in August 2018.
Holding company Brookfield Americas Infrastructure Holdings Chile I owns 100% of the Vespucio Norte Express highway and the San Cristóbal tunnel.
Between 2011 and 2015, Brookfield acquired 100% stakes in the Vespucio Norte Express and the Vespucio El Salto-Kennedy highway (San Cristóbal Tunnel) by buying out previous owners Grupo ACS and HOCHTIEF.
In 4Q11, Brookfield paid EUR 216m (USD 291m) for Grupo ACS’ 46.4% stakes in both concessions.
In 4Q12, Brookfield acquired the outstanding shares in Vespucio Norte from ACS affiliate Hochtief for EUR 230m and in 2Q15, Brookfield acquired the outstanding shares in the San Cristóbal tunnel for an unspecified amount.
The San Cristóbal tunnel made a loss of CLP -362m (USD -588,210) in 2017, up from a loss of CLP -3.24bn in 2016, and Vespucio Norte made a profit of CLP 22.35bn in 2017, up from a profit of CLP 7.02bn in 2016.