CITI INFRASTRUCTURE INVESTORS CLOSES AGREEMENT WITH SPANISH SAVING BANKS AS INVESTORS IN ITINERE

Citi Infrastructure press release:

Madrid, Spain – Citi Infrastructure Investors (CII), a Citigroup affiliate, today announced that Citi Infrastructure Partners L.P. (CIP), an investment fund managed by CII, and Pear Acquisition Corporation S.L.U., CIP's special purpose vehicle which acquired a controlling stake in the Spanish toll road operator Itínere Infraestructuras S.A. (Itínere), have entered into a shareholders' agreement with Sacyr Vallehermoso S.A. (SyV) and the Spanish savings banks Bilbao Bizkaia Kutxa (BBK), Caixanova, Caixa Galicia and Cajastur governing the acquisition by the aforementioned savings banks of their stakes in Itínere and the relationships among the shareholders.

Collectively, Caixanova, Caixa Galicia and Cajastur will invest EUR500 million in Itínere, which will correspondingly reduce SyV’s stake in the company. BBK and SyV will remain as shareholders, along with a small percentage of privately held shares. The Spanish savings bank shareholders are domiciled in the north of Spain, in the regions where the toll road assets acquired by CIP are located. As such, these investors bring valuable local knowledge to the company.

Additionally, It ínere is on track to merge with its acquisition parties by the end of September 2009. To this end, the governing bodies of Itínere, Pear Acquisition Corporation S.L.U., SyV Participaciones II (the company belonging to SyV which holds the shares owned by SyV in Itínere) and Avasacyr S.L.U. (a wholly owned subsidiary of Itínere) have signed a plan of merger for the merger of Itínere with Pear Acquisition Corporation S.L.U., SyV Participaciones II and Avasacyr S.L.U.

Link: