PPU counsels Sacyr in Colombia asset’s sale
Philippi Prietocarrizosa Ferrero DU & Uría acted as lead counsel to Sacyr in connection with the execution of an agreement to sell its entire interest in three operational public-private partnership (P3) assets in Colombia.
The transaction was carried out with an entity controlled by Actis Long Life Infrastructure Fund 2 and involves the Pamplona–Cúcuta Highway (Unión Vial Río Pamplonita), Autopista al Mar 1 (Desarrollo Vial al Mar), and the Rumichaca–Pasto Highway (Concesionaria Vial Unión del Sur).
The value of the transaction amounts to a total of $1.6 billion, including debt and equity. Sacyr is a multinational specializing in the development, operation, and financing of large-scale infrastructure projects.
The signing date on June 1 and involved two jurisdictions, Colombia and New York. The completion of the transaction is subject to the fulfilment of certain customary conditions precedent set out for this type of operation, and it is expected to take place during the second half of 2025.
This transaction was not a typical M&A deal as the business being sold is not only regulated by Colombia’s National Infrastructure Agency (ANI), but is also tied to three distinct project finance structures. Thus, it required a thorough analysis of the authorizations and licenses mandated under the respective financing agreements.
Philippi Prietocarrizosa Ferrero DU & Uría’s team, counsel to Sacyr Concesiones, was led by partner Nicolás Tirado (pictured) and associates Laura Grisales, Ana Sofía Estrada and Juan Martín Dussan.
Brigard Urrutia counseled Actis Long Life Infrastructure with partner Sergio Michelsen leading the team along with Angela García, Natalia Castiblanco and Manuela Rivas. Milbank advised Actis Long Life Infrastructure with partner Daniel Tyrrell.
