(Adds more details on the Abertis, OHL letter of intent)
DOW JONES NEWSWIRES
Spanish toll-road concessionaire Abertis Infraestructuras SA (ABE.MC) said late Tuesday it has signed a letter of intent with its smaller peer Obrascon Huarte Lain SA (OHL.MC) in which they agree that Abertis will integrate OHL's Brazilian unit, Obrascon Huarte Lain Brasil, while OHL will become one of Abertis's core shareholders, with a 10% stake.
In a filing to the Spanish stock market regulator, the company said that as part of the deal Abertis will also take on debt from the Brazilian unit worth an estimated EUR530 million.
Abertis added that OHL Brasil will remain a publicly traded company in Brazil.
In the letter of intent, but as a separate deal, Abertis has also agreed to buy in cash OHL's toll-road concessions in Chile, which have been valued at some EUR200 million.
The operations will still need the approval of the board of directors of both Abertis and OHL.
Following the operation, Abertis will become the world leader in the toll-road concession sector, operating over 7,500 kilometers. The assets Abertis will incorporate are nine toll-road concessions in Brazil, totaling 3,227 kilometers, and three concessions in Chile, totaling 342 kilometers.
Regulator website: www.cnmv.com
-By Enza Tedesco, Dow Jones Newswires; enza.tedesco@dowjones.com
(END) Dow Jones Newswires
April 24, 2012 18:35 ET (22:35 GMT)
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