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Wednesday 24 April 2019


APG acquires Spanish toll road operator

Written by Sunniva Kolostyak

Dutch APG and Corsair Infrastructure Partners have acquired a majority share in the Spanish toll road operator Itínere Infraestructuras for €1.3bn.

Together, APG and Corsair has exercised rights to reach 59.2 per cent of Itínere and plan on facilitating a solution for the remaining minority shareholders, APG announced.

APG head of European Infrastructure Ron Boots said in a statement that the fund is continuously looking for investments that help realise stable and long-term returns for pension fund clients and participants.

He said: “The 552 kilometers of toll roads that Itínere manages are vital infrastructure and fully operational. Therefore, we are very pleased with today’s agreement to acquire a majority of the interests in the company together with Corsair.”

APG had Deutsche Bank as its exclusive financial advisor and expects to close the different transactions by the end of 2018, once anti-trust and regulatory approvals are granted.

Itínere is the second largest toll road operator in Spain and operates five concessions in the north of the country. It also has a concession management contract with Spanish electronic toll collection company Bip & Drive.

The funds acquired the stakes from Gateway Infrastructure Investments, a fund managed by Corsair and minority shareholders.

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