Goldman Explores Sale of Puerto Rico Toll Roads Stake


(Bloomberg) -- Goldman Sachs Group Inc. is seeking buyers for its 49% stake in a Puerto Rico toll road concession that could value the asset at more than $2 billion, according to people familiar with the matter.

Goldman is working with advisers to solicit interest from potential suitors for Autopistas Metropolitanas de Puerto Rico LLC -- known as Metropistas, said the people, who asked not to be identified because the talks are private. A representative for Goldman declined to comment.

The infrastructure-investment arm of the New York firm acquired 55% of Metropistas in 2011, alongside Spain’s Abertis Infraestructuras SA. It sold 6% to Abertis in 2014.

Toll roads have been an asset favored by infrastructure investors across the globe, in part due to the perceived stability of revenues from drivers dependent on a route.

Abertis and Goldman have the right to operate two toll roads until 2061: the 83-kilometer PR-22, which connects San Juan with Arecibo; and the 4-kilometer PR-5, which runs through San Juan. The combined annual earnings of the roads is more than $100 million before interest, taxes, depreciation and amortization, one of the people said. Traffic and revenues have continued to grow despite a challenging economic environment, the person said.

In late 2017, Abertis and Goldman donated $1 million toward relief efforts after Hurricane Maria put the toll roads out of operation briefly that September.

Last week, Goldman’s infrastructure arm announced the sale of a majority stake in Red de Carreteras de Occidente, one of Mexico’s largest private toll road operators, to Abertis and GIC Pte Ltd.

©2019 Bloomberg L.P.

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