White & Case Advises Slovak Republic on €1.7 Billion PPP Infrastructure Project
Global law firm White & Case LLP has advised the Slovak Republic on the Public Private Partnership (PPP) project for the design, construction, finance, operation and maintenance of the country's D4 Highway and the R7 Expressway.
Representatives of the Slovak Republic and Zero Bypass Limited, the winning consortium which comprises Cintra Infraestructuras Internacional S.L.U., Macquarie Corporate Holdings Pty Limited and Porr AG, signed the concession agreement on May 20, 2016.
The project involves the construction of the south eastern section of Bratislava's ring road and part of the southern expressway network that links eastern and western Slovakia, and the maintenance of these roads for a period of 30 years. The total value of the concession is in excess of €1.7 billion, making it one of the largest PPP projects in Europe in 2016.
White & Case advised the Slovak Republic on all aspects of the complex, competitive public procurement process, which was conducted over a period of almost 18 months. It generated significant interest in the market, with tenders submitted by nine major global construction/financial consortia, four of which were shortlisted. Due to technical and financial optimizations in the procurement process and strong competition among the shortlisted consortia, the winning bid was significantly lower than original estimates.
"The D4 Highway and R7 Expressway is the one of the largest road infrastructure development projects in the history of the Slovak Republic," said Bratislava-based partner Marek Staroň, who co-led the Firm's deal team. "White & Case established the qualification and selection criteria, drafted the procurement documentation and concession agreement, structured and led negotiations with the bidders, assisted with the relevant financing documentation and provided advice on various legal aspects of the land acquisition process, construction and zoning permits, environmental and other regulatory issues.
Partner Caroline Miller Smith, who co-led the White & Case deal team, said: "This deal will shape the Slovak market and our role demonstrates the Firm's ability to advise on major infrastructure and PPP mandates and to provide comprehensive integrated legal advisory services combining elements of local and European law with international best practice for infrastructure and PPP projects."
The White & Case team which advised on the transaction was led by partners Marek Staroň (Bratislava) and Caroline Miller Smith (London) with support from associates Peter Hodál, Kristína Klenová (both Bratislava), Deji Adegoke and Helen Steininger (both London).
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