IFM Investors Pty Ltd (“IFM Investors”), a global asset manager owned by Australian pension funds, is pleased to announce the successful voluntary tender offer for the shares of major transport infrastructure company Aleatica S.A.B. de C.V. (“Aleatica”), based in Mexico (the “Tender Offer” or the “Transaction”).[1]
As a result of the Tender Offer, IFM Global Infrastructure Fund (“IFM GIF”), which is principally advised by IFM Investors, will indirectly acquire an additional 13.96% ownership stake in Aleatica, increasing its total indirect ownership of the company to 99.94%.[2]
Aleatica is an operator of transportation infrastructure concessions in the metropolitan area of Mexico City with a portfolio of 7 toll roads and 1 airport. Aleatica’s toll road concessions are located in areas with high vehicle traffic and are essential in supporting the transportation needs of motorists in Mexico City, the State of Mexico, and the State of Puebla.
The acquisition of the tendered shares of Aleatica represents an investment of MX$8.8bn (US$504m) from IFM GIF, demonstrating confidence in Aleatica and recognizing Mexico as an attractive place to invest.
IFM GIF has invested in Mexico for over 8 years. Its portfolio company, Aleatica, has invested over MX$83bn (US$4.7bn) in transportation infrastructure as of December 31, 2022, representing more than a third of total foreign direct investment in road development in Mexico since 1999.[3]
With the necessary number of shares to be acquired as a result of the Tender Offer, IFM GIF, through one or more indirect subsidiaries, intends to seek the voluntary delisting of Aleatica’s shares from the Bolsa Mexicana de Valores (BMV). The delisting of Aleatica’s shares remains subject to obtaining the necessary corporate and regulatory authorizations, including the approval of the Comisión Nacional Bancaria y de Valores (CNBV) in Mexico.
Aleatica has released a Relevant Event notice regarding the Transaction, which can be found here.
Quotes attributable to IFM Investors Head of Infrastructure, North America, Julio Garcia:
“The additional investment in Aleatica is a clear demonstration of our continued support for this important transportation infrastructure business, and in Mexico as an attractive place to invest.”
“The Transaction is also consistent with IFM Investors’ commitment to invest for the long term in high-quality infrastructure assets that align with our investment priorities and have the potential to deliver returns to our investors and their beneficiaries, which include millions of working people globally.”
[1] Aleatica S.A.U. (the “Offeror”), which is a wholly owned indirect subsidiary of IFM GIF, launched the Tender Offer for shares of Aleatica on August 30, 2023 at a price of MX$37.00 per share.
[2] Ownership stakes exclude treasury shares of Aleatica.
[3] Source: Mexican Ministry of the Economy (https://www.gob.mx/se/).
About us:
About IFM Investors
IFM Investors was established more than 25 years ago with the aim to invest, protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organisation has approximately US$143 billion under management as at June 30, 2023. Because IFM is owned by industry pension funds, we prioritise the interests of 665 like-minded investors worldwide by focusing on assets that combine excellent long-term risk/reward characteristics with broad economic and social benefits to the community. As a signatory to The United Nations-supported Principles for Responsible Investment, IFM actively engages on ESG issues with the companies in which we invest with the aim of enhancing their net performance while minimising investment risk. Operating globally from offices in Melbourne, Sydney, London, Berlin, Zurich, Amsterdam, Milan, New York, Hong Kong, Seoul and Tokyo, IFM manages investments across infrastructure, debt, listed equities and private equity assets. For more information, visit www.ifminvestors.com
Contact details:
Mexico: Jorge A. Padilla (ifminvestors@fticonsulting.com)
Australia: [email protected]