Ullico Inc., a privately held insurance and financial services holding company, has closed investments in Autopistas Metropolitanas de Puerto Rico, the operator of PR-22 and PR-5 toll roads in Puerto Rico. The transaction marks Ullico’s first investment in the toll road sector, and second in the transportation industry.
The deal closed under a concession agreement with the Puerto Rico Highways and Transportation Authority that will last through September 2061. Ullico said the Metropistas business offers a unique opportunity to acquire a transportation asset with demonstrated competitive advantages, high cashflow conversion and a favorable long-term concession agreement supported by a constructive concession framework.
“Metropistas is a unique asset with a long history of performance and proven resilience to adverse weather and economic events,” said Rohit Syal, head of acquisitions for Ullico's infrastructure business. “This is a core-plus infrastructure invest