Atlas Arteria’s €867 Million Acquisition Of Macquarie Infrastructure and Real Assets Stakes

Jones Day is advising Macquarie Infrastructure and Real Assets (Europe) Limited in the sale by subsidiaries Macquarie Infrastructure Fund 2, Macquarie Mercer Infrastructure Trust 1, and Macquarie Mercer Infrastructure Trust 2 of remaining stakes in Autoroutes Paris-Rhin-Rhone.

The stakes, totalling an indirect equity interest of 8.14% in APRR, will be acquired by existing APRR shareholder Atlas Arteria (ALX) for approximately €867 million subject to timing of completion.

MIRA has had interests in APRR, France’s second largest and Europe’s fourth largest toll road network, since 2006 and has supported APRR in delivering an ambitious capital investment programme totalling approximately €5 billion.

This investment has ensured significant network development, road widening and environmental enhancements as well as the refurbishment of service areas and the roll-out of automatic tolling. These investments helped support robust traffic growth which has resulted in revenue and EBITDA growth every year since acquisition. During the period of MIRA’s ownership, APRR was also involved the development of the ADELAC motorway, a key commuter link between Annecy, France and Geneva, Switzerland which opened in December 2008.

With MIRA exiting its long-term investment in APRR, its management agreement with ALX and other shareholders will be concluded. The transaction is expected to reach financial close in Q1 2020.

The Jones Day team was led by David Swinburne (Picture).

Involved fees earner: David Swinburne – Jones Day;

Law Firms: Jones Day;

Clients: Macquarie Infrastructure and Real Assets ;