Mexico’s Largest Construction Firm in $220 Million Equity Offering

August 12, 2005

Cleary Gottlieb represented Empresas ICA, S.A. de C.V. in its $220 million global offering of common shares.  The transaction included an offering of Ordinary Participation Certificates (CPOs), each representing a financial interest in one common share, to institutional investors outside Mexico. The offering was made in the U.S. to qualified institutional buyers in a private placement in reliance on Section 4(2) of the Securities Act. To comply with Mexican law, the offering was structured as a capital increase without preferential subscription rights for existing shareholders under an exemption granted by the Mexican securities regulators. 

ICA is Mexico’s largest engineering, procurement and construction company, with projects throughout Latin America and Spain. The proceeds of the offering will be used in new transportation, energy, gas, refinery and infrastructure projects.