APG and Corsair acquire majority of the interests in Spanish toll road operator Itínere

Published on: 10 September 2018

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. Itínere is a major Spanish infrastructure management company that operates five toll road concessions, all fully operational, in Northern Spain.


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 now intend to facilitate a solution for the remaining 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.

Ron Boots, Head of European Infrastructure at APG: “We are continuously looking for attractive infrastructure investments across Europe that help us realize stable and long-term returns for our pension fund clients and their participants. The 552 kilometers of toll roads that Itínere manages are vital infrastructure and fully operational. Therefore, we are very pleased with today’s agreement to acquire a majority of the interests in the company together with Corsair.”

Hari Rajan, Head of Corsair Infrastructure Partners: “We are pleased to be partnering with APG and the investors in our funds to take Itínere into a new phase of its evolution. 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. We’re thrilled to support the company alongside APG as it capitalizes on new opportunities in the Spanish market moving forward.”

Deutsche Bank acted as exclusive financial advisor to APG.

About Corsair
Founded in 1992, Corsair Capital is a leading global specialist investor. Corsair has a highly regarded private equity platform that has invested in substantially all of the subsectors of the financial services industry including wealth & asset management, payments & financial technology, services, insurance and banking & specialty finance. Since inception, the firm has led or co-led $8 billion of private equity investments. The firm also has a global infrastructure equity sponsorship and investment management business, Corsair Infrastructure Partners, which was established in 2015 and manages a $2.9 billion infrastructure fund. More information on Corsair Infrastructure Partners can be found at www.corsair-infrastructure.com.

About Itínere
Itínere Infraestructuras S.A. is the second largest toll road operator in Spain, managing 5 toll road concessions in Northern Spain under operation (Audasa, Aucalsa, Autoestradas, Audenasa and AP-1), totaling 552 km and participates in Acega. Itínere has the longest concession life road platform in Spain (c. 22 years). It also has a concession management contract for another toll road and participates in Bip & Drive, the leading company in the electronic toll collection sector in Spain. Itinere is headquartered in Madrid, Spain.