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Bracewell & Giuliani Firm Advises Cintra in First Privatization of Toll Road in Texas
DALLAS March 1, 2007
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.
Cintra will pay a $2.1 billion upfront and annual lease payments totaling $700 million. "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."
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. 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.
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Bracewell & Giuliani Firm Advises Grupo Santander in Acquisition of Leading U.S. Auto Finance Company
NEW YORK September 25, 2006
Bracewell & Giuliani advised Banco Santander Central Hispano, S.A. (SAN.MC, STD.N) in its agreement to acquire 90 percent of the U.S. auto financing company, Drive Financial Services, for approximately US $651 million.
The transaction is scheduled to be completed in 2006. Santander will acquire a 64.5 percent interest from HBOS plc and will acquire the balance from Drive Financials management.
Thomas G. Dundon, Drive Financials president and chief operation officer, will retain a 10 percent interest. Drive Financial, based in Dallas, is one of the leading auto financing companies in the subprime customer sector in the United States with operations in 35 states. Santander Consumer Finance, one of Grupo Santanders core businesses, is a European leader in consumer finance.