I-77 Express Lanes project has been designed to ease traffic congestion. Credit: Ferrovial.

Ferrovial, through its highway subsidiary Cintra, has reached an agreement with existing shareholders to acquire an additional 15% stake in I-77 Mobility Partners (I-77MP).

I-77MP is a company that is developing and operating the I-77 Express Lanes project in North Carolina, US.

The deal is valued at $77.7m and includes deferred payment based on the asset’s performance in June 2024, which is estimated at $2.7m.

I-77 Express Lanes project, which has been designed to ease traffic congestion on the highways, is a public-private partnership between North Carolina Department of Transportation (NCDOT) and I-77MP company.

The company is said to have rebuilt a 26-mile road stretch in the northern part of the Charlotte metropolitan area.

Last year, the lanes were opened to traffic and are said to have reduced travel times significantly.

The concession contract between I-77MP and NCDOT runs until 2069.

By acquiring the additional stake, the Spanish company aims to increase its share in the partnership from 50.1% to 65.1%.

The investment is said to be in line with Ferrovial’s Horizon 24 Plan, which focuses on growth in sustainable infrastructure projects of high concession value.

The deal is expected to be completed by the end of this year.

In September, Ferrovial completed the refinancing for the LBJ Express Highway in Texas, the US.

The company secured the financing through the LBJ Infrastructure Group consortium headed by its subsidiary Cintra, with a bond issue for an initial nominal amount of $544.5m, which was ultimately extended to $622m.

The deal included $537.5m tax-exempt private activity bond (PAB) and a $7m taxable bond, which will be used by Ferrovial to refinance its 2010 tax-free bond.