Ferrovial-led consortium wins $9.2B Tennessee I-24 Choice Lanes P3
FER sits 25% above its 52-week low of $53.175.
Summary
Ferrovial-led consortium selected to deliver Tennessee's I-24 Southeast Choice Lanes, a $9.2 billion P3 project — the largest private investment in state history.
Key Events · M&A and Partnerships · FER
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Major P3 Contract Award
The DriveTN consortium, led by Ferrovial, has been selected for Tennessee's I-24 Southeast Choice Lanes, a 26-mile express lanes project between Nashville and Murfreesboro.
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Project Value
Valued at $9.2 billion, the project is expected to generate $24.8 billion in concession value to Tennessee over the life of the agreement.
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Consortium Partners
DriveTN includes Transurban and Tikehau Star Infra alongside Ferrovial, which will finance, design, build, operate, and maintain the lanes.
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Strategic Significance
This marks Tennessee's first public-private partnership and the largest single capital investment in state history, expanding Ferrovial's U.S. express-lanes footprint.
Analysis · FER · Real Estate & Construction
Tennessee's first public-private partnership has been awarded to Ferrovial's DriveTN consortium, a $9.2 billion project to build and operate 26 miles of express lanes near Nashville. The deal adds a major long-term concession to Ferrovial's North American portfolio, with a projected $24.8 billion in concession value to the state. This significant win extends Ferrovial's successful express-lanes model into a new state, reinforcing its growth engine in the U.S. infrastructure market.
How filings like this one have moved
In the 30 days to Aug 22, 2026, 37.5% of the 3496 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FER was trading at $66.60 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $46.4B. The 52-week trading range was $53.18 to $74.79. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.