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Mexico's ICA to buy stake in Peru mining firm
May 30, 2012 / 1:17 PM / 6 years ago

Mexico's ICA to buy stake in Peru mining firm

* ICA expects to pay $80 mln to $100 mln over five years

* ICA says deal confirms interest in Latam joint ventures

* Shares up 23 pct year to date

MEXICO CITY, May 30 (Reuters) - Mexican construction company ICA said on Wednesday it would buy a 51 percent stake in Peruvian contract mining company San Martin Contratistas Generales.

ICA said it would pay for the stake over the next five years and it expects to pay between about $80 million and $100 million, with a maximum payment set at $123 million.

The purchase price for the stake will take into account various factors including the mining company’s performance from 2011 to 2014, ICA said in a statement.

“This strategic transaction confirms ICA’s ... interest in forming ventures with local groups with experience and prestige in selected countries within Latin America,” the statement said.

The deal will close in June, ICA said.

ICA shares are up 23 percent year to date and closed on Tuesday at 20.84 pesos.

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