LONDON, United Kingdom (28 April 2020) – Arcus Infrastructure Partners (“Arcus”) announces that Arcus European Infrastructure Fund 1 L.P. (the ‘Fund’), together with The José de Mello Group (‘JdM’), have executed binding documentation for the sale of a combined 81% majority stake in Brisa Auto-Estradas de Portugal S.A. (‘Brisa’) to a consortium comprised of APG Asset Management N.V., the National Pension Service of Korea and Swiss Life Asset Management AG (the ‘Consortium’). More specifically, the acquisition will be made through a vehicle directly and indirectly wholly owned by the Consortium and jointly controlled by APG and NPS. Arcus is selling its entire 40.6% interest as part of the transaction, and its co-shareholder in Brisa, JdM, is selling an equal 40.6% interest in the joint sale. The transaction is expected to close at the end of the third quarter of this year.
Michael Allen, Arcus Partner and Brisa Asset Manager, said: “Over a 13-year period, Arcus has worked in close partnership with Brisa Management and JdM to grow the company, to enhance Brisa’s position as the leading toll road operator in Portugal and leverage its technology and innovation to further develop automated tolling and mobility solutions. Brisa is one of the most efficient toll road operators in Europe and a leader in ESG metrics.”
Simon Gray, Arcus Co-Managing Partner, added “We are pleased to announce the sale of the Fund’s interest in Brisa, the final remaining investment for AEIF 1. The sale is the culmination of over a decade of investment for Arcus in both Brisa and AEIF 1 and we are proud of the returns achieved for our investors in the Fund over such a sustained period. The level of interest we received during the sale process is a testament to the unique position of this business in the European toll road market. We anticipate that the Consortium will be excellent partners going forward, continuing to support Brisa’s growth.”
This transaction marks the sixth and final exit for AEIF 1, following the sale of Alpha Trains in December 2019.
The closing of the transaction is subject to certain regulatory conditions, including EU antitrust clearance, which will be sought by the Consortium and JdM in the coming weeks.
Arcus’ financial advisors for this transaction were Morgan Stanley and Millennium Investment Banking. Arcus’ legal advisors were Clifford Chance as to English law and Luxembourg law and CS Associados as to Portuguese law. Deloitte provided accounting and tax advice.
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Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value in excess of EUR 15bn (as of 31 December 2019). The Arcus investment track record includes: Forth Ports, TDF, Alpha Trains, Angel Trains and several other leading European infrastructure businesses. Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the transportation, energy and telecommunications sectors.
For further information: www.arcusip.com
Brisa is a leading toll road concessionaire in Europe (c. 1,575km total network length) and the largest road platform in Portugal representing c. 57% of total national distance travelled and c. 43% of the country’s toll road network. Every year, over 7.5 million customers drive on Brisa motorways.
Brisa, which comprises 5 concessions holding a total of 21 motorways, is the backbone of the Portuguese road system: it runs through 12/18 Portuguese regions, connecting Porto-Lisbon (the key national business route) and East-West (with two major accesses to Spain and the Trans-European road network). The largest concession is Brisa Concessão Rodoviária (BCR), which comprises a network of 11 motorways spanning across 1,100 km in which Brisa holds a 70% stake.
For further information: https://www.brisa.pt/en