MADRID, August 23 (EUROPA PRESS) –
The Texas Transportation Commission (USA) announced this Friday its decision to suspend negotiations on a new agreement and continue the process of early termination of the SH-288 concession contract, which is due March 28, 2024. It is currently owned by ACS Group and Abertis.
Consequently, under the current contract, the project will again become public property of the State of Texas through the payment of $1,732 million (over €1,547 million), of which $524 million (€484 million) belongs to Iridium Infraestructuras, a subsidiary of the ACS Group.
The termination of the contract, net of provisions and other results, including those of Abertis, will not have a material impact on ACS Group’s expected consolidated net profit for 2024, the company explained to the National Securities Market Commission (CNMV).
SH-288 is one of the most important infrastructure projects underway in the Houston metropolitan area, making a significant contribution to solving congestion issues in one of the most densely populated areas when it opens to traffic in 2020.