Abertis, the global leading infrastructure and mobility management group owned by ACS Group and Mundys, has reached an agreement with the French companies Crédit Agricole Assurances and AXA IM Alts to acquire their entire 51.2% stake in the asset via its fully owned French subsidiary HIT.
The A-63 is a 104-kilometre toll motorway, with dual three-lane connecting Salles to SaintGeours-de-Marenne in south-west France. This asset is a key route between Europe and the Iberian Peninsula for goods transport between Spain and northern Europe, and serves as a link between Bordeaux, with one million-plus inhabitants and home to major scientific and engineering facilities, and the cities of Bayonne, Biarritz, Anglet and Saint-Jean-de-Luz.
It is a well-maintained asset, whose construction was completed in 2013 and does not require significant additional investment. In 2024, the A-63 generated EUR 170 million of revenues and EUR 134 million of EBITDA, underpinned by a positive traffic trend. The concession expires in 2051. With this new acquisition, Abertis is set to expand its position in one of its key markets, contributing to the company's growth and cash flow replacement strategy, extending the Group's concession life. This operation, together with the recent acquisitions in Puerto Rico, Spain and Chile, demonstrates the ability of Abertis to grow and maintain a balanced portfolio, with a strong currency mix such as the dollar and the euro, in countries with a stable legal framework.
The closing of the acquisition is subject to customary regulatory approvals, and the parties are working to achieve closing as soon as possible.
Following the closing of this transaction, Abertis' shareholders – ACS Group and Mundys – will inject EUR 400 million of equity to support Abertis' growth and strengthen its balance sheet, thereby supporting Abertis' global leadership in transport infrastructure concessions whilst maintaining its current credit rating.
"The investment in the A63, carried out through Abertis together with our partner ACS, is an important achievement that further consolidates our presence in France. Mundys' approach is to manage and develop infrastructures in our portfolio sustainably, through constant dialogue with institutions and local communities. In our international growth strategy, France, where we have been present since 2016, confirms itself as a strategic country due to the absolute quality and solidity of its economic-productive system. We are therefore determined to concretely carry out our investment strategy, injecting resources aimed at growth and contributing to the country's development," said Andrea Mangoni, CEO of Mundys, the Group that consolidates Abertis.
