Background and Relevance of FIBRAeMX
Fibra Infraestructura y Energía México (FIBRAeMX) is a Mexican real estate investment trust (REIT) focused on infrastructure and energy assets. The company aims to provide stable, inflation-linked returns to its investors by owning and operating a diversified portfolio of assets. FIBRAeMX has established itself as a significant player in the Mexican infrastructure sector, with a growing portfolio of assets that include toll roads, energy projects, and other essential infrastructure.
FIBRAeMX’s Plan to Acquire 49% of Cibsa
FIBRAeMX announced its intention to finance the acquisition of 49% of Concesionaria de Infraestructura del Bajío (Cibsa) through a Subsequent Public Offering (OPI) on the Bolsa Institucional de Valores (Biva). The company aims to raise up to 6,545 million pesos (approximately $341 million) by selling Certificados Bursátiles Fiduciarios de Energía e Infraestructura (CBFEs).
Details of the Offering
The offering involves the sale of up to 218.2 million CBFEs, priced between 27.5 and 30 pesos each. This would generate between 6,000 and 6,545 million pesos (approximately $312 to $341 million) for the acquisition of Cibsa shares. If FIBRAeMX sells all the instruments, its total circulating papers would increase by 52% to reach 636 million.
Cibsa and the Salamanca-León Toll Road
Cibsa holds a concession for the Salamanca-León toll road, an 81-kilometer highway located in central Mexico. The concession expires in May 2071. In 2024, the toll road generated revenues of 1,260 million pesos and had an adjusted operating margin of 71%, which would become the lowest among FIBRAeMX’s concessions, tying with the Túnel de Acapulco.
Impact of the Acquisition on FIBRAeMX
If successful, the acquisition of Cibsa’s 49% stake would represent FIBRAeMX’s ninth concession, its fourth under the co-control model. The new asset would account for 23.7% of FIBRAeMX’s total assets, 19.5% of its attributable revenues, and 17.2% of its adjusted operating cash flow, based on 2024 data.
Collaboration with Fexi for Cibsa Acquisition
FIBRAeMX plans to collaborate with Fexi, another Mexican infrastructure-focused REIT, to acquire Cibsa. Fexi intends to purchase the remaining 51% of Cibsa from Grupo México, a prominent mining and railway company.
Key Questions and Answers
- What is FIBRAeMX’s primary objective? FIBRAeMX aims to provide stable, inflation-linked returns for its investors by owning and operating a diversified portfolio of infrastructure and energy assets.
- How much capital is FIBRAeMX raising through the OPI? FIBRAeMX plans to raise up to 6,545 million pesos (approximately $341 million) through the issuance of CBFEs.
- What is the purpose of the funds raised? The funds will be used to acquire 49% of Cibsa’s shares.
- How many CBFEs will be issued in the offering? FIBRAeMX intends to issue up to 218.2 million CBFEs, priced between 27.5 and 30 pesos each.
- What percentage of FIBRAeMX’s portfolio will Cibsa represent post-acquisition? The acquisition of Cibsa’s 49% stake would represent approximately 23.7% of FIBRAeMX’s total assets, 19.5% of its attributable revenues, and 17.2% of its adjusted operating cash flow.
- Who is Fexi, and what role will it play in the Cibsa acquisition? Fexi is a Mexican infrastructure-focused REIT collaborating with FIBRAeMX to acquire Cibsa. Fexi plans to purchase the remaining 51% of Cibsa from Grupo México.
