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 Business News | March 2008 
Mexico's ICA Buys Toll Highway for $81M
 Jason Lange - Reuters
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Mexico City - ICA, Mexico's largest construction company, said on Monday it bought the owner of a concession for a toll highway that serves the Caribbean resort city Cancun.
ICA said in a statement to the Mexican stock exchange that it paid 870 million pesos ($81 million) for Mayab Consortium, which has a concession on the highway through 2030.
The road connects Cancun and Merida, another city popular with tourists on the Yucatan peninsula.
Under the deal, ICA will assume 2.133 billion pesos in Mayab Consortium's debt, due in 2019 and 2020 and backed by toll revenues.
(Reporting by Jason Lange; Editing by Steve Orlofsky) |
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