Consortium buys 81% stake in Portugal motorway operator Brisa

LISBON (Reuters) – Brisa’s [BAEP.UL] top two shareholders have sold an 81% stake to a consortium of international investors in a deal valuing the Portuguese motorway operator at more than 3 billion euros ($3.26 billion).

The sellers were the Jose de Mello conglomerate and London-based infrastructure fund Arcus, they said in a statement on Tuesday.

The buyers were a consortium comprising Dutch pension fund APG, South Korea’s National Pension Service and Swiss Life unit SLAM.

“This partnership, in the current context of great adversity, is a sign of confidence in Portugal and in the Portuguese economy,” said Vasco Mello, head of the Jose de Mello conglomerate.

“The long-term strategic partnership agreement now signed will allow Brisa to continue its growth and development plans,” Mello said.

Brisa runs a network of 17 motorways and six national highways covering 1,628 kilometres.

Via direct and indirect stakes, Jose de Mello held 57.3% of Brisa’s voting rights, while Arcus had 40%.

Jose de Mello will remain a shareholder, with 17% of its voting rights, it said.

The deal requires regulatory approval which is expected in the third quarter of 2020.

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