Tuesday, 27 October 2026

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Ferrovial shares soar 8% after clarifying payment for its Tennessee highway

Ferrovial's shares rise 8.44% after clarifying it will initially pay $7.7 billion for Tennessee's I-24 highway, with a total contract of $21 billion.

Beatriz Lorenzo Aguirre
Beatriz Lorenzo Aguirre
· 2 min read
AIIllustrative image: empty road at sunset with a concrete barrier in the foreground and a blurred background
Illustrative image: empty road at sunset with a concrete barrier in the foreground and a blurred background

Ferrovial's shares closed on Tuesday at 48.84 euros, up 8.44%, after clarifying that the initial payment for the I-24 highway in Tennessee is lower than expected. The total contract amount decreases to 21 billion dollars.

The share price of Ferrovial rose on Tuesday, 27 October 2026, after the company clarified that the initial payment for the I-24 highway in Tennessee (United States) will be less than anticipated. According to notimerica.com, the share ended the session at 48.84 euros, an 8.44% increase over the previous close.

The winning consortium, made up of Ferrovial, Transurban, and Tikehau Star Infra, will pay the Tennessee administration only part of the amount set in the tender. That figure, which was significantly higher than those of other competitors, has been reduced after eliminating nominal concepts: it drops from 24.8 billion dollars (22.255 billion euros) to 21 billion dollars (18.845 billion euros).

The most significant change is the payment schedule. The consortium will disburse 7.7 billion dollars (6.909 billion euros) during the first years of construction, until 2035. The remainder will be paid over 50 years, starting from when the concession begins to generate toll revenue.

The model works like this: the administration grants private companies, for several decades, the right to build and operate the road in exchange for a fixed payment and a variable one, linked to traffic and concession revenues. The contract is awarded to whoever offers the most money.

Additionally, there are two clauses for additional payments to the consortium. Tennessee only collects part of the extra revenues when they exceed 200 basis points over the base scenario, with 12.5% for the State, which increases to 75% if the deviation reaches 600 basis points.

Regarding tolls, the consortium keeps all collected as long as the rate does not exceed 3.2 dollars per mile. Above that threshold, several tiers are activated, and from 6.4 dollars per mile, the administration retains 90% of the collected amount.

Beatriz Lorenzo Aguirre

Written by

Beatriz Lorenzo Aguirre

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