Citi fund seals $10bn motorway company buy-out
Citi Infrastructure Partners has completed the $10bn (£6.75bn) purchase of a Spanish motorway operator from a company struggling with billions in debts, reports The Am Law Daily. Citi Infrastructure, a fund run by Citigroup, purchased motorway operator Itinere from Sacyr Vallehermoso, a Spanish construction company looking to raise money to pay off debts of $24bn (£16.2bn).Citi Infrastructure relied on in-house counsel and advice from CMS Albinana & Suarez de Lezo's team in Madrid.
December 01, 2008 at 04:50 AM
2 minute read
Citi Infrastructure Partners has completed the $10bn (£6.75bn) purchase of a Spanish motorway operator from a company struggling with billions in debts, reports The Am Law Daily.
Citi Infrastructure, a fund run by Citigroup, purchased motorway operator Itinere from Sacyr Vallehermoso, a Spanish construction company looking to raise money to pay off debts of $24bn (£16.2bn).
Citi Infrastructure relied on in-house counsel and advice from CMS Albinana & Suarez de Lezo's team in Madrid.
The fund immediately struck separate deals to sell Itinere assets, including highways in Portugal and Chile, to Italian company Atlantia and the Spanish company Abertis, the largest motorway operator in Spain. Those deals will net Citi Infrastructure about $1.3bn (£875m).
Citi has suffered a turbulent time of late, with the financial services giant forced to turn to the US Government for an unprecented rescue deal including a $20bn (£13.5bn) direct investment.
Davis Polk advised Citi on the bailout plan, while Cleary Gottlieb Steen & Hamilton advised the Federal Reserve Bank of New York.
Citi also recently announced that more than 50,000 jobs are to be cut at the bank worldwide, on top of 23,000 redundancies made earlier this year – equating to a total reduction in headcount of 20%.
The Am Law Daily is the website of The American Lawyer, Legal Week's US sister title.
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