Skanska Divests 50% Stake in Landmark I-4 Ultimate P3 Project in Orlando

Skanska has completed the sale of its 50% interest in I-4 Mobility Partners HoldCo LLC, the concessionaire for the I-4 Ultimate project in Orlando, to John Laing I-4 Holdco Corp. for approximately $75 million. The transaction, which followed a binding sale and purchase agreement and received all required governmental and lender approvals, results in full ownership by John Laing and its partner Equitix.

Orrick advised Skanska on the transaction.

THE COMPANIES

Skanska is a leading global construction and development company with expertise across infrastructure and public-private partnerships (P3s).

John Laing is an international investor in infrastructure projects, with a longstanding presence in the U.S. P3 market, alongside its partner Equitix, a global infrastructure investment firm.

THE IMPACT

The I-4 Ultimate project, delivered as a P3 with the Florida Department of Transportation (FDOT), involved the reconstruction and widening of a 34 km stretch of I-4 through Orlando. The project added four tolled express lanes, upgraded general-purpose lanes, reconstructed major interchanges and replaced more than 140 bridges, improving safety, reducing congestion and supporting over 200,000 daily users.

Achieving substantial completion in February 2022, the project represents one of the largest transportation P3s in the United States and is a landmark infrastructure development in Florida.

THE TEAM

Orrick's Adam Kowis and Young Lee lead the team that advises Skanska, with support from Sadie Lister, John Narducci and Kristin Petersen.

Skanska's Press Release