John Laing increases commitment to I-4 Ultimate Project in the U.S with a 100% stake
John Laing Investments Limited (JLIL), the holding company for 50:50 joint shareholders John Laing Group Limited (which is wholly owned by KKR) and Equitix today announces that it has reached financial close to acquire Skanska’s 50% stake in the I-4 Ultimate Project (“I-4”), an availability-based public-private partnership (P3) in central Florida, U.S. The transaction results in JLIL’s full ownership of the project.
John Laing has played a significant role in the delivery of the I-4 Ultimate Project from the outset, through procurement, construction, and operational mobilisation with a team based in Florida overseeing day-to-day delivery since 2014. Construction began in 2015 with the project achieving Substantial Completion in February 2022 and is operating with a strong performance record.
The I-4 is delivered through a 40-year design-build-finance-operate-maintain (DBFOM) concession and covered the reconstruction and widening of approximately 21 miles of Interstate 4, a critical highway corridor running east–west through central Florida.
At financial close, the I-4 Ultimate Project was one of the largest P3s in the United States and, at the time, was the largest single infrastructure project in Florida’s history setting a benchmark for the delivery and long-term operation of complex transport infrastructure in the state. The project is led by I-4 Mobility Partners, which receives availability payments from the Florida Department of Transportation (FDOT).
Increasing ownership further strengthens John Laing’s ability to support operational stewardship and pursuit of optimisation opportunities over the remaining concession life (until 2054).
Anthony Phillips, Global Head of PPPs and Head of Americas said “When we closed I-4 back in 2014, John Laing was immensely proud to be closing the largest greenfield P3 the United States at the time. Today, we are equally as proud of the project and to be deepening our involvement, supporting performance alongside a constructive long-term partnership with Florida Department of Transportation.”
David Wylie, Global Head of Asset Management commented, “Having invested in I-4 since 2014, we know the asset and the vital role it plays for over 200,000 daily users extremely well. Moving to full ownership enhances our ability to apply our asset management and work closely with our clients to identify optimisation opportunities over the years to come, while maintaining a relentless focus on safety and reliability for the road users.”
The investment builds on John Laing’s long-term ownership and management of core infrastructure, with a broad portfolio of highway and mobility assets through diverse models from availability to toll and revenue-based models across the Americas including:
- I-77 Express Lanes Project, North Carolina
- I-75 Modernization Project, Michigan
- Denver Eagle P3 Project, Colorado
- Pacifico 2, Colombia
- Ruta Del Cacao, Colombia
