Pérez-Llorca in privatisation of Aleatica

Pérez-Llorca México advised IFM Investors, global fund manager, and Aleatica, in the delisting and ‘privatisation’ of Aleatica, which involved, among other aspects:

• The launch of a delisting tender offer, through the Mexican Stock Exchange (BMV), to acquire the remaining percentage of shares placed with the general investor public;
• The formation of a trust with a minimum term of 6 months to acquire any shares not acquired as part of the Offer; and
• The cancellation of Aleatica MX shares in the National Securities Registry and their delisting from the BMV.

Citi Casa de Bolsa and Casa de Bolsa Santander acted as brokers in the Offering.

The offer, completed on 5 December, had a total consideration of MXN $102,888,424.97 (calculated as the value of the remaining float based on the delisting tender offer acquisition price per share); while the total take private consideration was MXN$167,385,133,178.85 (calculated based on the valuation (book value) of Aleatica MX’s total equity as at 30 September 2024).

Other advisory firms were Creel García-Cuéllar Aiza y Enriquez as advisor to the offering intermediaries, and Mijares Angoitia Cortés y Fuentes as advisor to the issuer.

IFM Investors – a global fund manager with USD $146 billion under management as at 30 June 2024, founded over 25 years ago and owned by 17 Australian pension funds, operating globally from offices in Melbourne, Sydney, New York, London, Berlin, Zurich, Amsterdam, Tokyo, Hong Kong, Seoul, Milan, Warsaw and Houston.

Aleatica MX was incorporated in 2005, and its continuous growth since then has positioned it as a relevant transport infrastructure operator in the industry within the Mexico City metropolitan area, both in terms of the number of concessions granted and the number of kilometres of highways under its management. Currently, Aleatica MX builds, manages, operates and maintains 7 toll highways and one airport. Of the toll roads, six are in operation and one is under construction.

Pérez-Llorca’s team comprised partner José Ignacio Rivero (pictured left), managing associate Jacinto Ávalos Capín (pictured right), and associates Rodrigo Poumian González, Héctor Ferrari Ruiz and Valeria Camacho Bello.