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John Laing acquired interest in availability-based road project in Colombia

Christian Fernsby |
John Laing Group plc announced that it has agreed to acquire a 21.15% interest in the Pacifico 2 road PPP project in Colombia for a total consideration of COP151 billion (or approximately £32 million).

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The Group has agreed to acquire the interest from Construcciones El Condor and the transaction is expected to complete during early 2021 subject to customary conditions.

Following the transaction, the project will be owned by Odinsa (78.85%) and John Laing (21.15%).

Located 20 kilometres south of Medellin, the second largest city in Colombia, Pacifico 2 is an availability-based public-private partnership project with an operating concession that runs to 2043.

It includes the construction of a new 82 kilometre dual carriageway and two tunnels, as well an upgrade of 54 kilometres of existing road.

The project is part of the Colombian government’s Fourth Generation (“4G”) road building PPP programme aimed at improving road connectivity and safety across the country as well as supporting regional economic growth.

Once completed, the road will provide a valuable connection between some of Colombia’s most important cities, including Medellin and Cali, as well as the country’s largest port, Buenaventura.

Construction is expected to complete during 2021.

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