Acs,Actividades de Construccion Y Servicios,S.A. (ESE:ACS)
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2 Years : From Jun 2011 to Jun 2013
German construction company Hochtief AG (HOT.XE) Friday said a consortium comprising its subsidiary Hochtief PPP Solutions and parent Actividades de Construccion y Servicios SA (ACS.MC) has reached the financial close for a ring road project in Edmonton, Canada.
-The public-private partnership will design, build, operate and partially finance the project at an overall contract value of EUR1.39 billion over 34 years.
-Construction work is to be carried out by a joint venture which includes group subsidiaries Flatiron and Dragados.
-Hochtief and ACS each hold a stake of 25% in the concession company, while Flatiron and Dragados hold a 33.75% stake each in the construction joint venture.
-The PPP project will be financed by a C$535 million bond issue.
-Construction will start in June, with completion of the project scheduled for the fall of 2016.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500