Ecorodovias Infraestrutura e Logistica SA, a motorways and logistics company under the joint control of the Almeida Group of Brazil and Impregilo International Infrastructures of Italy, was launched on the São Paulo Stock Exchange (BOVESPA) on 1 April.
After the initial public offering (IPO), Impregilo holds 29.24 per cent of Ecorodovias for capitalisation of approximately EUR642M (USD872.3M). The IPO totalled 92 million new shares at a price of BRL9.50 per share (approximately EUR3.94 – USD5.32) for an overall amount of BRL874M (approximately EUR362M – USD491.9M).
Impregilo and Almeida have extended their agreement for joint control of the company for an additional ten years.
Almeida and Impregilio have had a long history of co-operation including the completion of the Ecovias dos Imigrantes (Sao Paulo to Port Santos) five months before schedule. The work included three drill-and-blast tunnels including Brazil’s longest road tunnel; the 3146m-long TD1. The 177km-long motorway is now one of those managed by Ecorodovias.
Impregilo ceo Alberto Rubegni commented, “The success of the Ecorodovias listing concludes a process for the valorisation of an asset of strategic importance for Impregilo. It also constitutes a significant acknowledgement of the growth policies we have been pursuing in the concessions business.”
