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CCI Approves Cintra’s Acquisition in IRB Infra Trust & MMK Toll Road

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CCI Approves Cintra’s Acquisition in IRB Infra Trust & MMK Toll Road
The planned acquisition by Cintra InvIT Investments B.V. has been approved by the Competition Commission of India (CCI).

The proposed acquisition of IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra InvIT Investments B.V. (Cintra SPV 1) and Cintra IM Investments B.V. (Cintra SPV 2) has been authorized by the Competition Commission of India (CCI). Based in the Netherlands, Cintra Global S.E. is a member of the Ferrovial group and owns both of the special purpose vehicles (SPVs).

For this acquisition, Cintra SPV 1 and Cintra SPV 2 were especially incorporated. While the larger Ferrovial business focuses on engineering, building construction, transportation infrastructure development worldwide, and mobility solutions, the Cintra division of the Ferrovial group develops and manages toll roads.

There are two essential elements to the accepted transaction:

InvIT Transaction: Cintra SPV 1 will purchase certain commercially negotiated rights in IRB Infrastructure Trust in addition to roughly 24% of the issued and outstanding unitholding (on a fully-diluted basis).

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IM Transaction: Cintra SPV 2 will concurrently obtain the right to propose a director for the board of directors of the Private InvIT’s investment manager in addition to acquiring roughly 24% of the equity shareholding.
A major step toward increasing Cintra and the Ferrovial group’s footprint in the Indian infrastructure market has been taken with this strategic acquisition.

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