Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board cancelled the acquisition to acquire 49% stake in Concesionaria Autopista Guadalajara - Tepic, S.a. De C.v from Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (BMV:IDEAL B-1).
October 01, 2019
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Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board agreed to acquire 49% stake in Concesionaria Autopista Guadalajara - Tepic, S.a. De C.v from Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (BMV:IDEAL B-1) for MXN 7.7 billion on October 2, 2018. Ontario Teachers' Pension Plan Board and Canada Pension Plan Investment Board are expected to make an initial payment of MXN 4.5 billion, with the possibility of making a second payment of up to MXN 3.1 billion. Based on the deal, IDEAL would retain a 51% stake in its subsidiary, which holds the concessions for highways in Mexico's western coast region, while CPPIB would acquire a 29% stake and Ontario Teachers the remaining 20%. As of November 5, 2018, the European Commission has been notified for the approval of the transaction with a deadline of December 10, 2018. On November 29, 2018, The European commission provided its approval on the transaction.
Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board cancelled the acquisition to acquire 49% stake in Concesionaria Autopista Guadalajara - Tepic, S.a. De C.v from Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (BMV:IDEAL B-1) on October 2, 2019.
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (IDEAL) is a Mexico-based company engaged, together with its subsidiaries, in the construction and engineering sector. Its main business activities are structured into four areas: Highways, which includes the construction, operation, exploitation and maintenance of toll roads; Water, which comprises the construction and operation of the sewage treatment plants; Energy, which is specialized in the development and operation of hydroelectric power stations; and Transport, which is involved in the construction and improvement of multimodal transport terminals. The Company owns such subsidiaries as Promotora del Desarrollo de America Latina SA de CV, IDEAL Panama SA, CFC Concesiones SA de CV, Desarrolladora Mexicana de Infraestructura Social SA de CV, Aguas Tratadas del Valle de Mexico SA de CV and Administradora y Operadora de Estacionamientos Ideal SA de CV, among others.
Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board cancelled the acquisition to acquire 49% stake in Concesionaria Autopista Guadalajara - Tepic, S.a. De C.v from Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (BMV: IDEAL B-1).