Empresas ICA and CDPQ enter partnership for road projects

Mexican construction company Empresas ICA has entered a partnership with Canadian investment company CDPQ to carry out joint road projects in Mexico. Under the arrangement, subject to Mexican government approval, ICA holds a 51% interest in the partnership and CDPQ will pay US$197.17 million to ICA for its 49% equity share of the new business. The companies are planning four projects: the Mayab motorway, the Rio-Verde-Ciudad Valles motorway, the La Piedad bypass and the Acapulco tunnel. ICA carries
April 17, 2015 Read time: 2 mins
Mexican construction company Empresas 2765 ICA has entered a partnership with Canadian investment company CDPQ to carry out joint road projects in Mexico.

Under the arrangement, subject to Mexican government approval, ICA holds a 51% interest in the partnership and CDPQ will pay US$197.17 million to ICA for its 49% equity share of the new business.

The companies are planning four projects: the Mayab motorway, the Rio-Verde-Ciudad Valles motorway, the La Piedad bypass and the Acapulco tunnel.

ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems and real estate.

CDPQ - Caisse de dépôt et placement du Québec – is a Canadian public pension manager in the province of Quebec. It is the second largest pension fund in Canada, with the Canada Pension Plan (CPP) in first place. As of February 2014, the Caisse’s total assets under management amounted to around $165 billion.

Meanwhile, Mexican construction company 3136 IDEAL, which is controlled by Carlos Slim, has plans to upgrade and expand the Toluca-Atlacomulco motorway under a deal around US$217 million. The company has also signed a contract whereby it will operate the motorway until 2031.

Development bank Banobras has underwritten the deal in which IDEAL will operate the motorway until 2031.
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