Graña y Montero S.A.A. (“Graña y Montero” or the “Company”), the engineering and construction Peruvian company recently listed in the New York Stock Exchange, announced it has entered into an agreement with Besco S.A. in order to purchase from it, 16.9% of the shares of Norvial S.A. at a price of US$ 19,200,000.00, as agreed on the Memorandum of Understanding dated September 04, 2013.
Norvial is the concessionaire of the 183 km Ancón-Huacho-Pativilca road, where the Company currently owns 50.1%.
The obtaining of consents from the International Finance Corporation (IFC) and the Inter-American Development Bank (IADB) are still pending for the closing of the acquisition, pursuant to the Credit Agreement subscribed between Norvial and these entities. Therefore, the purchase of the shares is subject to a resolutory condition.
The subscription of the final documentation regarding the closing of the transaction, will be communicated once the consents are obtained.
About Graña y Montero S.A.A.
Founded in 1933, Graña y Montero is the only Peruvian engineering and construction company listed on the Lima Stock Exchange since 1997 and now also the NYSE. The Company has participated in the development of major engineering and construction projects in Peru, including large-scale, complex projects in the energy, mining, construction and real estate sectors.
With 80 years of operations, the Company has leveraged its engineering and construction expertise into complementary lines of business, such as the development, ownership, operation and maintenance of infrastructure assets, real estate developments, and the provision of technical services. The Company has significant investments in infrastructure concessions, such as three toll roads and Line 1 of the Lima Metro.
The Company has also executed several projects outside Perú, and has acquired three companies in Chile: DSD Construcciones y Montajes, an engineering and construction company specialized in providing services to the energy, oil and gas, cellulose and mining sector in Chile and Latin America; Vial y Vives, a construction company specialized in the mining sector, and CAM, which is specialized in electric services, with operations in Chile, Peru and Colombia.