Macquarie Infrastructure Group
(ASX:MIG) has decided to split its tollroad portfolio into two separate listed entities.
The company plans to create a standalone entity holding its interests in the 407 ETR and Westlink M7 motorways, naming the new entity ‘Mature MIG’.
Macquarie Infrastructure Group says there will also be a managed entity holding its remaining assets; the M6 Toll, APRR, Chicago Skyway, Indiana Toll Road, South Bay Expressway, Dulles Greenway, Warnow Tunnel and Transtoll which will be called ‘Active MIG’.
The company says based on its June 30 2009 valuations, Mature MIG will have a portfolio valuation of $3.64 billion and Active MIG will have a portfolio valuation of $1.45 billion.
Macquarie Infrastructure also says after providing adequate working capital for both entities there will be surplus cash of $226 million which will be paid out to shareholders.
Chairman Mark Johnson says the company believes that this restructure will unlock value in the company as it provides security holders with greater clarity around the investment profile of the two separate portfolios.
Macquarie Infrastructure Group reported a loss in 2009 close to $2 billion.
