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New Deal


Announced

Completed

Atlantia, Hochtief and ACS completed the acquisition of Abertis for €16.5bn.

Financials

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Transaction Value£27,636m
Consideration TypeCash
Capital Owned-
Capital Bid For99%
EV/Sales6x
EV/EBITDA9.2x
Share Price Premium15.8%
One Off Charge-

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toll roads management

toll road

Toll Roads

Spain

Public

Acquisition

Single Bidder

Completed

Friendly

Majority

Synopsis

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Atlantia, ACS and Hochtief completed the acquisition of Abertis Infraestructuras, a Spanish corporation managing toll roads and telecommunication infrastructures. Atlantia, ACS and Hochtief acquired indirectly, respectively, 50% plus one share, 30% and 20% less one share of Abertis. A total of €16.5bn was invested by the parties into Abertis, to acquire 98.7% of its issued share capital. Financing package for the deal includes a €3bn amortising term loan, a €4.7bn bridge-to-bond facility and a €2.2bn bridge-to-disposal facility. Before being delisted from Madrid Stock Exchange, parties acquired at a price per share equal to €18.36, the entire 98.7% interest in the Abertis share capital held by Hochtief. In the separate transaction under the same agreement, Atlantia bought 23.9% of Hochtief share capital from ACS at a price per share equal to €143.04 for a total consideration of €2.4bn.

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