18th Feb 2019 08:12
LONDON (Alliance News) - HICL Infrastructure Co Ltd on Monday said it will acquire a further 40% stake in the N17/N18 Gort to Tuam PPP Scheme in Ireland for EUR23 million.
The project is a concession to design, construct and maintain a 57 kilometre section of the N17/N18 road between Gort and Tuam in County Galway, Ireland.
The deal to increase the company's interest is expected to complete by the end of February.
Construction works were completed in December 2017, and the project is operational.
In 2014, the FTSE 250 investment firm acquired an initial 10% interest in the project and entered a commitment to acquire a further 32% interest. With completion of this incremental investment, HICL will hold a 50% interest in the project.
The payment to increase the company's interest will be covered by existing credit facilities.
HICL shares were trading down 0.1% at 167.59 pence each early Monday morning.
Related Shares:
HICL Infrastructure