Cube Highways’ north India road deal falls through

Cube Highways and Infrastructure Pte Limited’s plan to acquire a road project in northern India has fallen through after the $263 million deal could not be completed within the stipulated time frame. Cube Highways had agreed to acquire Ghaziabad-Aligarh Expressway Private Limited from its three shareholders in May 2019. The deal was struck at an enterprise value of Rs 18.34 billion (then $263 million). The three shareholders of the SPV were Indian highway developers PNC Infratech Limited and Bharat Road Network Limited, and the Indian unit of Oman’s Galfar Engineering and Contracting. Reportedly, the proposed share purchase agreement that the companies had signed with Cube Highways has lapsed. The parties to the agreement have decided to not extend its validity any further.