Atlas Arteria today said it has received regulatory approvals to acquire an additional 6.14% indirect stake in two motorways in France, and that it expects to conclude the deal by March.
The Australian toll road operator announced it has received antitrust clearance from the European Commission and foreign investment approval from the French Ministry of the Economy for the increased holding in Societe des Autoroutes Paris-Rhin-Rhône (APRR), as well as ADELAC, which operates the A41 North motorway.
The transaction is expected to cost EUR 654.2m (USD 440m), raising Atlas’ holdings to 31.14% in APRR and 31.17% in ADELAC.
Atlas holds stakes in both motorways through several Macquarie funds. French construction company Eiffage is also a shareholder in both roads and is increasing its stake by 4% in the two roads in the same transaction.
“The APRR transaction will see Atlas Arteria acquire a further 6.14% indirect interest in APRR and ADELAC, implement the new shareholder agreements with co-investors in the APRR structure and terminate all remaining management agreements with the Macquarie Group,” Atlas said in a statement.
At the same time, Atlas Arteria will take full management control of its share of APRR after it pays AUD 100m (USD 67m) to Macquarie to buy out its management rights.