11 Sep 2015
Stephenson Harwood advises DIF III on acquisition of two operational toll road projects in Ireland
International law firm Stephenson Harwood LLP has advised DIF Infrastructure III (DIF III) on its acquisition of two operational toll road projects in Ireland.
The interests were acquired from Cintra, the Spanish construction company. The acquisitions comprise a follow-on investment in a 46% shareholding in the M4 project, increasing the DIF III shareholding to 80% as well as an investment in a 75% shareholding in the M3 project.
The M4 project reached financial close in 2003 and has been operational since 2005, with a remaining concession life of circa 18 years. The M3 reached financial close in 2007 and has been operational since 2010, with a remaining concession life of 37 years.
Both roads are located near Dublin and were tendered by the NRA, the Irish Road Authority. Operations, maintenance and lifecycle works are performed by the project companies and Cintra will continue to provide operational and support services to the projects. The projects are financed with long term debt.
Jonathan Cripps, head of projects and infrastructure at Stephenson Harwood commented "We were delighted to support DIF on these key strategic acquisitions, which have helped DIF to expand their operational portfolio in the Irish PPP market".
The Stephenson Harwood team was led by head of projects and infrastructure Jonathan Cripps, head of corporate Andrew Edge and competition partner Marta Garcia. Stephenson Harwood advised DIF III, together with Dublin firm Philip Lee, on all legal aspects of the acquisition.
KPMG advised DIF on tax and Infrata on technical aspects. Cintra were advised by Arthur Cox.