Flatiron (ACS) gets two contracts in Los Angeles for almost 800 million

ACS, through its US subsidiary Flatiron, has been awarded two contracts valued at nearly 800 million euros in Los Angeles (USA), and has taken control of the SH 288 toll road in Texas, raising its stake to 66.27%. As explained on Wednesday by the ACS subsidiary, the contracts in Los Angeles, awarded by the Los Angeles County Metropolitan Transportation Authority, will allow improve transportation in the metropolitan area of the second most populous city in the North American country.

On the one hand, the “joint venture” created with local company Myers & Sons Construction will build new express lanes on the I-105 freeway for $507 million. Specifically, the existing high occupancy lane will be converted into an express lane, and a second such lane will be built in each direction of the motorway, which can be used by public buses and high occupancy vehicles without paying any toll.

The second contract, awarded for $300 million to the Valley Transit Partners joint venture, formed by Flatiron, Stacy and Witbeck and Modern Railway Systems, involves upgrading the G-Line, a bus rapid transit line in Los Angeles. With this project, we seek to improve operating speeds, capacity and security of the G-Line, reducing incidents between vehicles and public buses.

Acquire a highway contract in Texas

In addition to these two contracts in Los Angeles, ACS has reached an agreement to take control of the SH 288 toll road in Texas (USA), which was awarded in 2016 jointly with the Israeli group Shikun & Binui and the funds InfraRed, Northleaf, Clal Insurance and Star America. The agreement reached with InfraRed, Northleaf and Star America will allow the Spanish company to increase its stake in the highway concession company -Blueridge Transportation Group- from 21.65%, which already held up to 66.27%, after disbursing nearly 900 million euros.

The closing of the operation, as explained by ACS in a relevant fact sent to the National Securities Market Commission (CNMV), it is subject to obtaining the pertinent administrative approvals. The highway concession was awarded in 2015 for a term of 52 years to a consortium led by Iridium, a subsidiary of ACS, in which the construction companies of the ACS Group also participate. Since its opening to traffic in 2020, the 17 km section that includes two toll lanes in each direction in the median has made it possible to alleviate the motorway’s congestion problems, which is traveled by more than 160,000 vehicles every day, of which 14,000 use the toll lanes.

Iridium leads the operation and maintenance tasks of the motorway section, including the management of the new lanes through the application of a toll fee which will vary depending on the level of congestion. The collection of the toll is carried out through a ‘Free Flow’ type electronic toll collection system, and for the operation of the lanes, the latest technology in intelligent highway management. Iridium currently has six concession contracts in the United States, with a management value of more than 6,000 million euros.

Source: LA INFORMACIÓN – Lo último by www.lainformacion.com.

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