London company pays 41 million euro for remaining stake in Gort to Tuam motorway

Galway Bay fm newsroom - A London company is to fully own the M17/M18 Gort to Tuam motorway after it buys the remaining 50 per cent stake for 41 million euro

London-listed 'HICL Infrastructure' is to acquire the stake from the Marguerite I Fund in a transaction that is expected to be completed by the end of September.

HICL acquired an initial 10 per cent stake in the 28-year concession at the end of 2014, and last year took an additional 40 per cent in a €23 million deal.

The M17/M18 Gort to Tuam motorway is the most expensive motorway project commissioned by the State outside of the M50 upgrade.

The road will cost the State €959 million up to 2042 when it is handed back.

HICL also receives payments for maintenance of the motorway.