- Odinsa announced the signing of the agreement to acquire 53% of the shareholding in the Conexión Vial Aburrá Oriente – Túnel de Oriente project.
- Through this transaction, the company ratifies its commitment to the development of the country and continues to strengthen its presence in Antioquia, where it is successfully moving forward in the construction of the fourth-generation road, Conexión Pacífico 2.
- Once the transaction is closed, Odinsa will become the majority shareholder of the concession that connects Valle de Aburrá to Valle de San Nicolás.
Medellín, October 8, 2019. Odinsa, a concession company of Grupo Argos, ratifies its intention to contribute to the competitiveness of the country through a new investment that consolidates its presence in Antioquia and strengthens its portfolio in Colombia. The company announced the signing of an agreement to acquire a 53% equity interest in the Túnel Aburrá Oriente Concession, to become the majority partner thereof.
“The Conexión Vial Aburrá Oriente – Túnel de Oriente that we are highlighting as one of the main engineering works in Colombia, is a relevant asset that will enable us to continue generating value and making available to Antioquia and the country all our knowledge and experience in road concessions” said Mauricio Ossa, CEO of Odinsa.
This mega-project has become one of the most relevant corridors in Antioquia, positioning itself as a benchmark for Colombian infrastructure. The project is made up of three roads that add up to more than 60 kilometers and connect the Valle de Aburrá to eastern Antioquia through tunnels, viaducts and highway interchanges, also constituting the main access road to the José María Córdova International Airport. Additionally, the Túnel Santa Elena, the most iconic work of the concession as the longest tunnel in operation in Latin America, substantially reduced travel time to and from Medellín.
“We are proud to continue contributing to the construction of a competitive country through investments in transformative works like this one, which in addition to connecting the Valle de Aburrá to Valle San Nicolás, is necessary to continue promoting the development and competitiveness of Antioquia and generating wellbeing for its inhabitants. Our long term purpose is to invest in the execution of a modern, sustainable and competitive infrastructure for the country. Through this announcement Grupo Argos totals COP 2 billion of investment in infrastructure in Antioquia,” said Jorge Mario Velasquez, CEO of Grupo Argos and Chairman of the Board of Directors of Odinsa.
This acquisition, which is valued at approximately COP 335,000 million, will be financed by Odinsa through the relocation of the capital it has invested in other assets and in other geographic locations, and it is not considering increasing the structural debt to finance the acquisition. The payment will be made in two parts: 50% upon closing the transaction and the remaining 50% within the following 18 months.
Once the established conditions are met and the closing is carried out, this asset will be added to the 6 road concessions that Odinsa, the concessions company of Grupo Argos, currently has in 3 countries in the region and through which, in the first half of the year, more than 14 million vehicles circulated, among which Autopistas del Café and Conexión Pacífico 2 stood out in Colombia.
The concessions company of Grupo Argos currently has a strategic portfolio that strengthens its position in the sector and a management based on the framework of sustainability and good corporate governance, as engines of responsible and positive growth for the country and for the company. Its road and airport concessions include:
- Conexión Pacífico 2, Colombia: In the first half of the year, this project, located in Antioquia, inaugurated its second section or functional unit (of 5) and to date, reports a work progress of more than 76.45%. See works completion video
- Autopistas del Café, Colombia: The concession closed the first half of the year with a traffic of more than 5 million vehicles and 3,600 services provided to its users.
- El Dorado Airport, Colombia: in the first half of the year, over 16 million passengers moved through this airport; in addition, El Dorado has positioned itself as a green airport in the region, having received several awards, including the international Outstanding Sustainability Program award and the Carbon Footprint accreditation. See more
- Mariscal Sucre Airport, Ecuador: positioned by Skytrax as the Best Airport in South America, completing 6 years of operations in 2019 during which time it has contributed to the country’s connectivity. See more
For additional information about Odinsa, contact:
Viviana Arroyave, Communications Director / email@example.com / 3176469218
Visit www.odinsa.com and our social networks @SomosOdinsa on Twitter I Odinsa on LinkedIn