FIBRAeMX to Raise MX$6.5 Billion to Acquire CIBSA

Fibra Infraestructura y Energía México (FIBRAeMX), a specialized investment trust focused on energy and infrastructure assets, plans to raise MX$6.5 billion (US$355 million) through a second issuance of investment certificates (CBFEs) listed on the Institutional Stock Exchange (BIVA). The capital will fund the acquisition of a significant equity stake in Concesionaria de Infraestructura del Bajio, (CIBSA), the concessionaire of the Salamanca–Leon highway in the state of Guanajuato.

The acquisition includes about 49% of CIBSA’s ordinary shares and Series B preferred shares, which grant dividend priority and the right to acquire remaining shares held by stakeholders. The total stake under management between FIBRAeMX and a third-party co-investor will reach around 81.31% of the company’s equity.

This operation was approved by FIBRAeMX’s certificate holders on March 6, 2025, and aligns with the trust’s mission of investing in eligible infrastructure assets. CIBSA, founded in 2011 and headquartered in Mexico City, holds a long-term federal concession to operate, maintain, and expand the Salamanca–Leon highway, a vital toll road in central Mexico.

To fund the transaction, FIBRAeMX will issue about 218 million Series A CBFEs in its second public offering. The new issuance will increase the total number of outstanding CBFEs to nearly 674 million. The proceeds will be primarily used to pay the acquisition price and to subscribe to new capital in CIBSA. Any surplus will cover transaction-related expenses and may be allocated to repay existing or interim financing.

This second issuance follows FIBRAeMX’s initial public offering in March 2023, when it raised MX$6.64 billion under the ticker “FMX 23.”

CIBSA’s main asset is the Salamanca–Leon toll highway, a 78.5km A4-grade roadway with an additional 3.1km connector to Puerto Interior, currently under construction. The highway, which spans five municipalities in Guanajuato (Salamanca, Irapuato, Silao, Romita, and Leon), plays a strategic role in Mexico’s national logistics network. It connects key cities within the Bajio region and is part of the larger Queretaro–Ciudad Juarez corridor, facilitating trade with the United States via El Paso, Texas.

On April 8, 2024, the federal government, through the Ministry of Infrastructure, Communications, and Transport (SICT), extended CIBSA’s concession for 30 additional years, bringing its total term to 60 years, ending in 2071. The extension also approved a phased toll rate increase of 5.0%, 5.5%, and 6.0% real over three consecutive years starting Jan. 1, 2025, enhancing the project’s financial outlook.

The road includes three toll plazas — two main and one auxiliary — with an additional plaza under construction for the Puerto Interior connector. This infrastructure supports regional economic development, particularly in the automotive and logistics sectors, and leverages favorable macroeconomic and nearshoring trends in Mexico.

The transaction is subject to regulatory approvals, including antitrust clearance and authorizations from the SICT and other relevant agencies. Upon completion, the investment will solidify FIBRAeMX’s role as a leading player in infrastructure financing, offering stable long-term returns to its investors while contributing to national infrastructure development.