M&A

M&A

Highways Infrastructure Trust acquires 12 road projects from PNC Group for Rs.9,000-Cr

Press Release  

NSE-listed Highways Infrastructure Trust (HIT) will acquire 12 road projects from PNC Infratech and PNC Infra Holdings at an enterprise value of INR 9,005.7 crore. The road portfolio comprises 11 hybrid annuity concessions from the National Highways Authority of India (NHAI) and one toll road concession from the Uttar Pradesh State Highways Authority (UPSHA).The projects being acquired represent about 3,800 lane kilometres in Rajasthan, Uttar Pradesh, Madhya Pradesh, and Karnataka. Of the 12 projects, 10 are currently operational and balance 2 are under-construction, and will be acquired after operations begin. Ernst and Young LLP acted as the exclusive financial advisor and Trilegal acted as the legal advisor to HIT in this transaction.HIT is sponsored by global Private Equity investor KKR. HIT’s current portfolio comprises 10 assets with a total length of ~628 km across six states, including the recent acquisition of a toll asset from Navayuga Engineering Company Limited and 3 HAM assets from HG Infrastructure.