The Waterford bypass has been sold for up to €100m. That's according to the Independent who say the deal was backed by Swiss, Japanese, and other investors. The sale included the acquired debt and equity of the Public Private partnership deal which is valid until 2036.
Sources said that the value of the deal was “between €50m and €100m, and closer to €100m”.
It includes the landmark 465-meter-long, cable-stayed Thomas Francis Meagher Bridge spanning the River Suir.
The investors are hoping for at least a 10% return on tolls as numbers using the bypass are expected to recover after they had fallen during the pandemic.
As part of the restructuring, all unsustainable debt was converted to equity. This left €83.5m of bank loans and €30m of shareholder loans, while net liabilities totaled €69.8m, according to the accounts. There was also €217m of unrecognised tax losses, that could be offset against future profits.
The 23-kilometer bypass was completed in 2009 under a public-private partnership scheme which cost 600 million euro.
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