BBGI announces the completion of a further interest in the E18 PPP project in Norway
BBGI SICAV S.A. (LSE ticker: BBGI) is pleased to announce that it has completed the acquisition of a further 41.2% equity interest in the E18 Roadway Project ("E18") in Norway from Sundt A.S., as announced on 30 May 2014. BBGI now owns 100% of the equity interest in E18.
E18 is a long term PPP concession contract to operate and maintain a new section of highway between Grimstad and Kristiansand in Norway. The 38km dual carriageway road opened in August 2009 and is part of the trunk road from Oslo to Kristiansand. It is a key element of the transport corridor between southern Norway and the Continent as well as an important connection between the two cities. The concession expires in 2034 and is availability-based with no volume risk.
The acquisition price of approximately GBP 12.5m was funded from the Company's existing cash resources and drawings from the credit facility.