Spain’s Ferrovial to buy 24% stake in IRB Infrastructure Trust for $810 million Reuters via biedexmarkets.com

(Reuters) – Spanish construction giant Ferrovial said on Thursday it will buy a 24% stake in IRB Infrastructure Trust, an investment vehicle that holds a portfolio of 12 toll road concessions in India, for 740 million euros ($809.6 million).

The group will acquire this stake from affiliates of Singapore’s sovereign fund GIC, which currently own a 49% stake in IRB Infrastructure Trust.

The closing of the transaction is expected by the end of April, Ferrovial said in a filing to Spanish stock market regulator CNMV.

GIC’s affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will keep its current 51% stake, it added.

($1 = 0.9140 euros)