KKR-backed Highways Infrastructure Trust completed the acquisition of twelve road projects from PNC Infra for $1bn.

KKR-backed Highways Infrastructure Trust, an InvIT, completed the acquisition of acquire twelve road projects from PNC Infra, a highway construction firm, for $1bn. "We are truly humbled by the confidence shown by HIT in our assets. The transaction demonstrates the continued investor interest in the sector for high quality portfolios. This deal demonstrates our multi-pronged strategic objective of value creation commencing from winning the concession in a competitive bid process, relying on our strong execution capabilities to develop the best-in-class infrastructure within the envisaged timelines and recycling the operating assets to unlock the value for all our shareholders. This transaction would help us further strengthen our strong balance sheet and would give us a large headroom to continue pursuing our growth ambitions,” Yogesh Jain, PNC Managing Director.