Citi Infrastructure Investors Completes Acquisition of Itinere

Citi Infrastructure Investors press release:

Citi Infrastructure Investors (CII), a Citigroup affiliate, today announced that an investment fund managed by it has completed its acquisition of Spanish toll road operator Itίnere Infraestructuras S.A. (Itίnere), an international leader in the global toll road sector. The transaction included the successful execution of a tender offer, at a price of €3.96 per share. The deal was approved by the relevant authorities, including the CNMV, earlier this month.

The transaction implies an equity value for 100% of Itίnere of €2,875bn. Other current investors include Bilbao Bizkaia Kutxa, a Spanish savings bank, and Sacyr Vallehermoso, S.A. (SyV).

The portfolio remaining under CII's control consists of seven mature, resilient toll roads that form part of the national highway network in the northern regions of Spain. To achieve this portfolio, CII has completed the sale of assets to Abertis Infraestructuras, S.A., Atlantia S.p.A. and SyV.

CII is retaining Itίnere's executive management and a business development team, which, together with its asset portfolio, make the company an effective platform for additional investment in the toll road sector. Consistent with CII's strategy of investing in large, mature, core infrastructure platform investments in OECD countries, Itίnere will be CII's platform in the toll road sector.

The transaction execution was extremely complex and represents a powerful demonstration of CII’s execution capability.

“The completion of this transaction required tremendous team effort, which would not have been possible without the support of Abertis, Atlantia, SyV, Itίnere's management team and Board of Directors, public administrations, advisors and lending institutions.” said Fidel Andueza, Partner of CII.


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