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Report: Goldman in advanced talks to sell stake in Mexican toll-road operator

Goldman Sachs Group Inc. is in the late stages of negotiations to sell a roughly 70% stake in Mexican private toll-road operator Red de Carreteras de Occidente SAB de CV, or RCO, to Spanish toll-road manager Abertis Infraestructuras SA and Singaporean sovereign wealth fund GIC Pte. Ltd., Bloomberg News reported, citing people familiar with the matter.

Abertis and GIC are in the lead position to acquire the business, which could be valued at approximately 65 billion Mexican pesos, sources said. Goldman owns the stake in RCO through funds managed by its infrastructure-investing arm.

An investor group including private equity firm Blackstone Group Inc. and airport operator Grupo Aeroportuario del Pacífico SAV de CV made an offer for RCO that was contingent on regulatory approvals on tariff rates, the sources said. China Merchants Bank Co. Ltd. also made a bid for the business, one of the people said.

Goldman has yet to make a final decision, and could still choose to keep the business or sell it to other interested buyers, the people said.

Representatives for Goldman, Blackstone and Grupo Aeroportuario del Pacífico did not comment on the matter, while representatives for RCO and Abertis did not immediately answer requests for comments. Representatives for GIC and China Merchants could not be reached outside of business hours, according to Bloomberg.

As of Oct. 9, US$1 was equivalent to 19.57 Mexican pesos.