John Laing buys 21% stake in Colombia road project for £32m
Infrastructure firm also appoints new CFO
Infrastructure group John Laing said it had bought a 21.15% interest in Colombia’s Pacifico 2 road public-private partnership (PPP) from Construcciones El Condor for £32m.
The transaction is expected to complete during early 2021. Colombian construction firm Odinsa will hold the remaining 78.85%.
Located 20 kilometres south of Medellin, the country's second largest city, Pacifico 2 has 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 company said on Tuesday.
The project is part of the Colombian government's fourth generation road building PPP programme aimed at improving road connectivity and safety across the country as well as supporting regional economic growth.
In a separate statement, John Laing said it had appointed Rob Memmott as chief financial officer starting from January 6.
He was most recently the CFO of Praetura Group, a privately owned financial services business.