Brisa Auto‐estradas de Portugal S.A. (“Brisa”) has agreed the sale of interestsrepresenting 30% of one of its main subsidiaries, Brisa Concessão Rodoviária S.A. (“BCR”), the holder of the main concession, in a series of transactions to a group of Portuguese and Brazilian investors. The transactions imply an equity value of c.€2.7bn for 100% of BCR. The transactions are due to close in July 2015 and are unconditional.
The entire net proceeds of the sale received by Brisa will be distributed to Brisa’s shareholders in two payments in July and August this year. These distributions are in addition to a €110m dividend already paid by Brisa to its shareholders in May 2015.
Arcus European Infrastructure Fund 1 L.P. has an aggregate 40.6% indirect economic interest in Brisa (taking into account the treasury shares held by Brisa).
Moody’s has confirmed that the transaction does not impact the Baa3 rating (stable outlook) of BCR.
Overall, we are very pleased with this transaction. The implied valuation validates Arcus’ view that Brisa is an attractive, high quality business. The transaction enhances the distributions from Brisa and represents another significant milestone in delivering our investment strategy.
This information note (“Note”) has been prepared by Arcus European Investment Manager LLP (“Arcus”) for use solely for information purposes. Arcus makes no representations or warranties to the accuracy or completeness of any past, simulated or estimated performance results contain herein, and further nothing contained herein shall be relied upon as a promise by, or representation by, Arcus whether as to past or future performance results.