Atlantia shares rise as it completes joint deal, to buy Abertis

Atlantia shares rise as it completes joint deal with ACS, to buy Abertis toll road operator, for €16.5 billion.

Atlantia shares rise as it completes joint deal, to buy Abertis

Atlantia shares are higher Monday, as the Italian infrastructure group has completed the purchase of Spanish toll road operator Abertis, for €16.5 billion. Atlantia secured the deal with partner, Spanish construction group, ACS.

Atlantia has also purchased a 23.9% holding of Hochtief, the former owner of Abertis, for €2.4 billion.

By around 1245 BST, Atlantia shares were 0.88% higher at €17.74, ACS shares rose 4.31% to €33.40, while Hochtief shares were 2.64% in the green at €132.30.

Atlantia, ACS, Hochtief create largest toll operator group

Atlantia made plans to buy Abertis in 2017, however, ACS then lodged a bid for the toll road operator. To end a bidding war, the two groups agreed a way to make a joint bid for Abertis.

Atlantia confirmed the deal was now complete, earlier Monday. It said it had purchased 50% of Abertis, plus one percent, ACS now owns 30% of the Spanish toll operator and Hochtief owns 20%, less 1 percent.

“The parties established Abertis Partecipaciones S.A., a Spanish company fully capitalised and owned by Abertis HoldCo S.A., a newly incorporated Spanish company capitalised and owned by the following shareholders: Atlantia 50% plus one share, ACS 30% and Hochtief 20% less one share,” Atlantia said in a press release.

“Abertis Partecipaciones S.A. acquired, at a price per share equal to €18.36, the entire 98.7% interest in the Abertis share capital held by Hochtief,” the Italian group added.

Equity injection                                                                    

The deal follows some related tragedy. Gilberto Benetton, a strong advocate of the deal and a member of the family that controls Atlantia, died just a few days ago.

Meanwhile, one of the toll bridges operated by Atlantia in Italy, collapsed in August this year. Atlantia was blamed by the Italian Government for the disaster, in which around 40 people were killed.

The total €16.5 billion purchase price for Abertis, includes a €6.9 billion cash injection into the new holding company.

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