|Bracewell & Giuliani Advises Cintra in First Privatization of Toll Road in Texas
Business Wire | March 1, 2007
DALLAS--(BUSINESS WIRE)--Bracewell & Giuliani LLP advised Cintra Concesiones de Infraestructuras de Transporte, S.A., a Spanish transportation company, in its successful bid to develop State Highway 121 into a toll road through Collin and Denton counties. The award to Cintra, approved by the Texas Transportation Commission, is the first privatization of a Texas toll road.
Bracewell is acting as project counsel to Cintra with respect to the 50-year concession from the Texas Department of Transportation for which Cintra will pay a $2.1 billion upfront and annual lease payments totaling $700 million.
Three firms have competed for the Comprehensive Development Agreement for State Highway 121 since last summer. The proposals were reviewed and scored based on selection criteria set forth by the Regional Transportation Council, the metropolitan planning agency for the Dallas-Fort Worth area.
"Cintra was awarded this project because of its proven expertise and competitive proposal," said Thomas O. Moore, partner with Bracewell & Giuliani. "This is the largest transportation deal of 2007. This is one of only five deals in the country."
This CDA is a public-private partnership that allows the provider to handle all facets of developing the toll road, including completing construction and operating and maintaining the corridor.
Cintra, a subsidiary of Grupo Ferrovial specialized in toll roads and car parks, is one of the world's leading private-sector developers of transport infrastructure.
Bracewell & Giuliani attorneys that advised on this matter include:
Partners: Thomas O. Moore, Roger D. Aksamit, Kevin A, Ewing, George Y. Gonzalez, Jason B. Hutt, Nancy Jo Nelson, Andrew M. Taylor and Jose Luis Vittor.
Associates: Todd G. Amdor, Eamonn K. Bakewell, Patrick A. Caballero, Erik E. Petersen, Lisa A. Smith and Trevor Wommack.
Bracewell & Giuliani LLP is among the nation's most prominent law firms. With 400 lawyers in New York, Texas, Washington, D.C., Kazakhstan and London, we are distinctively positioned to serve clients concentrated in the transportation, energy and financial services sectors worldwide. In 2005, former New York City mayor Rudolph W. Giuliani joined the firm as a senior partner. His international reputation for leadership and problem solving is a unique asset for our clients, which include Fortune 500 companies, major financial institutions, leading private investment funds, governmental entities and individuals. For more information about Bracewell & Giuliani, visit www.bgllp.com.