ICA closes on road sale to RCO

ICA has closed on the sale of two Mexican road concessions to Red de Carreteras de Occidente, the listed infrastructure holding company ICA initially set up to hold the FARAC phase one concession. RCO is paying ICA Ps2.15 billion ($157 million) for the two concessions, of which Ps1.8 billion is upfront and the rest is deferred and additional. The additional payment breaks down into Ps250 million in cash and Ps1.55 billion in shares, while the deferred Ps350 million is all in shares. With the initial payment in shares, ICA's stake in RCO goes from 13.6% to 18.7%.