ASTALDI informs it has reached an agreement regarding the entry of MERIDIAM, a leading global investor and asset manager specializing in transport infrastructures and hospitals, into the capital of SCMS, the concession holder for the West Metropolitan Hospital in Santiago de Chile. As a result of the agreement, MERIDIAM will hold a 49% interest in SCMS and Astaldi will maintain all activities related to construction and O&M services.
The concession involves the construction and subsequent operation for a twenty-year period of a hospital facility providing 523 beds. It entails an overall investment of EUR 305 million, 254 million of which financed on a non-recourse basis by a syndicate of international banks. The facility is currently under construction by Astaldi and will be completed by the end of 2018.
From Astaldi’s financial point of view, the agreements translates into the deconsolidation of approximately EUR 100 million of non-recourse debt referring to SCMS and a cash-in of EUR 10 million, in keeping with the book value of the stake sold.
The partnership with MERIDIAM, is in line with ASTALDI’s strategies as it allows to enhance the Group’s operating skills with the know-how of a financial partner of international standing. This will favour the consolidation of a business model that plays on ASTALDI’s ability to attract strategic partnerships at a global level.
ASTALDI has been working in Chile for more than 20 years and is currently involved in the execution of landmark projects such as the E-ELT (the world’s largest optical telescope), the underground project for Chuquicamata (the world’s largest open-pit copper mine) and expansion of Arturo Merino Benítez Airport in Santiago, operation of which has been in the hands of Astaldi since October 2015. It also holds multi-year concessions for construction and operation of hydroelectric plants, airports, hospitals and industrial mining plants.