Grupo México to Divest Highway Unit in US$406 Million Deal

Grupo México will divest its highway unit in a MX$7.7 billion (US$406.89 million) deal, retaining 18.69% in CIBSA to boost infrastructure and investment projects, said the company on June 13. Through a formal statement, Grupo México, together with its subsidiaries México Proyectos y Desarrollos (MPD) and México Compañía Constructora (MCC), revealed the signing of a Share Purchase Agreement for the sale of shares of its highway division.

The transaction includes the divestment of about 80% of the shares in Concesionaria de Infraestructura del Bajío (CIBSA) and, indirectly, about 99% of the shares in Operadora de Infraestructura del Bajío (OIBSA), which will be owned by CIBSA as part of a corporate restructuring before the transaction’s closing. The agreement also includes the sale of all the shares of Concesionaria Autopista Silao.

The CIBSA was established to develop and operate the 81.9km Salamanca-Leon Highway, which consists of two sections. The first runs from the junction of the Queretaro-Irapuato and Morelia-Salamanca highways to the ITESI interchange on the Irapuato-Leon free road. The second extends from the ITESI interchange to the city of Leon, connecting with Timoteo Lozano and Delta boulevards, and includes a spur to the Puerto Interior in the state of Guanajuato.

The closing of the transaction is contingent on the fulfillment of several conditions, including regulatory approvals from the Federal Economic Competition Commission (COFECE), or, if applicable, the National Antitrust Commission, as well as the Ministry of Infrastructure, Communications, and Transport (SICT) and certain third-parties. Grupo México expects to complete the transaction during the 2H25.

Upon closing, CIBSA’s shareholders, including the buyers, will carry out corporate actions such as the reclassification of existing shares and a capital increase through which the buyers will subscribe to new ordinary shares. Following this process, Grupo México will retain about 18.69% ownership in CIBSA, which will hold about 99% of OIBSA’s shares.

Proceeds from the sale will be allocated to investment projects in Mexico and for general purposes across the company’s various business lines.

This divestment announcement follows a June 11 notice by Grupo México Transportes (GMXT), summoning shareholders to an Extraordinary General Shareholders’ Meeting scheduled for June 27, 2025. The meeting will be held at the company’s headquarters in Mexico City, where shareholders will vote on key resolutions, including:

1. Approval for delisting the company’s shares from the National Securities Registry and the Mexican Stock Exchange.

2. Authorization to secure financing and enter into all necessary related agreements.

3. Appointment of delegates to execute the resolutions adopted at the meeting.

Marcos Martínez, President, BMV Group, acknowledges that while delistings are not ideal, they can be financially advantageous for companies, especially during periods of low market valuations. “Obviously, we do not like delistings, but when valuations are low, companies do what is best for them. Every time you think it is over, someone finds a new opportunity that works better for them,” said Martínez during the 14th Issuers Forum in the Riviera Maya.

Martínez adds that this trend reflects broader market dynamics: “The combination of falling stock prices with strong operational performance led many companies to activate buyback programs and withdraw shares from the market.”

Despite the wave of delistings, Martínez is optimistic about upcoming initiatives, such as the introduction of a simplified listing regime. These efforts aim to increase equity market participation beyond the recent growth seen primarily in the debt market. “What is coming will make listings simpler, more cost-effective, and more attractive for companies,” says Martínez.