SANTIAGO Ė Investment fund Penta Las Americas, a unit of Chileís Banco Penta, said in a filing Wednesday with the SVS securities regulator that it has signed a contract for the sale of a 49.9 percent stake in the Del Sol and Los Libertadores toll roads to Spainís Abertis.
Abertis offered 93.5 billion pesos ($146.4 million), or 339 pesos per share, for the stake.
Owners and top executives of Banco Penta, an investment bank that manages more than $20 billion in assets, currently stand accused of tax crimes and the irregular financing of political campaigns.
The owners of Penta Las Americasí Infraestructura I and II funds (mainly life insurance companies and pension funds) will weigh in on the transaction in shareholder assemblies on July 15, the filing read.
The Infraestructura I Fund could obtain 14 billion pesos ($21.9 million) and the Infraestructura II Fund 13.8 billion pesos ($21.5 million) from the sale, Penta Las Americas added.
The Autopista del Sol is a 133-kilometer (83-mile) toll road that connects the Chilean capital and the San Antonio port and has 13 toll stations, while Autopista Los Libertadores stretches for 116 kilometers in the central region of Valparaiso, links Santiago, San Felipe and Los Andes and has five toll stations.
Abertis participates in six high-capacity roads in Chile, including the management of the Del Sol and Los Libertadores toll highways, and controls a total of 700 kilometers (435 miles), making it that countryís largest highway concession operator in terms of earnings before interest, taxes, depreciation and amortization, or EBITDA.