Patria Investments acquires Colombian toll road builder Concesión Pacífico Tres

The sellers were Constructora Meco, acting directly through its branch in Colombia, Construcciones El Condor, and MHC Ingeniería y Construcción de Obras Civiles.

The acquisition was made through Patria’s Fondo V de Infraestructura, together with Mercantil Colpatria, through MC Victorias Tempranas.

Concesión Pacífico Tres is responsible for the design, construction, financing and operation of Pacífico 3, a fourth-generation toll road project crossing the Colombian departments of Antioquia and Caldas, and which awarded under Colombia's public-private partnership framework by the Agencia Nacional de Infraestructura (ANI).

The transaction involved a highly regulated asset operating under a project finance structure governed by New York law. Closing required negotiation and coordination between multiple sellers and buyers, as well as obtaining regulatory approvals and third party consents from ANI, the project lenders and underwriters, along with compliance with customary conditions, according to law firm Posse Herrera Ruiz, which acted as counsel to Constructora Meco.

The law firm’s strategic advice throughout the sale process included helping to navigate the regulatory, contractual and financial frameworks that underpin the concessionaire's operation, and the firm’s team was led by partners Gabriel Sánchez, Cristina Vásquez and Catalina Noreña, with Sergio Hoyos.