APG and Corsair to acquire a majority stake in Itínere
Summary
APG and Corsair Infrastructure Partners have agreed to acquire a majority stake in Itínere , a Spanish operator of five toll road concessions.APG and funds managed by Corsair Infrastructure Partners (“Corsair”) have agreed to acquire and have exercised rights to reach a 59.2% majority of the interests in Itínere Infraestructuras S.A. (“Itínere”) at a € 1,300 million (on a 100% basis) equity valuation.Earlier today, agreements have been signed and rights have been exercised to acquire these stakes from Gateway Infrastructure Investments, L.P., a fund managed by Corsair, and certain minority shareholders.APG and Corsair expect to close the different transactions by the end of 2018, once the necessary anti-trust and regulatory approvals (as applicable) have been granted.Itínere is a unique company with a highly attractive network of roads, strong management and talented team of employees, and it has been an important part of Corsair’s infrastructure portfolio.