Brisa sale enters final phase

28 January 2020 - 12:00 am UTC

Arcus Infrastructure Partners and José de Mello have shortlisted bidders for the final stage of the sale of an 80% stake in Portugal’s largest toll road operator Brisa, sources close to the process said.

Spanish road operator Globalvia, its larger peer Abertis and Japanese conglomerate Marubeni have gone through to the next stage, the sources said.

The shortlisted bidders also include a team of French investor Ardian and Italian road operator Gavio Group; IFM-backed toll road operator Aleatica; and Dutch pension fund APG, sources familiar with the process said.

Other groups that submitted initial bids in December include Macquarie Infrastructure and Real Assets (MIRA), although it is not clear whether the Australian investor has gone through to the final phase.

A consortium of China State Construction Engineering Corporation, CNIC Corporation Limited and China-Portuguese-speaking Countries Co-operation and Development Fund also filed an initial bid, but it is not clear if it is through to the next round.

The shortlisted bidders will now start carrying out due diligence on Brisa’s portfolio, which includes 1,525km of roads across Portugal held through several concessions.

Two sources said the sellers have indicated they will request final offers towards the end of March. Some of the sources added the bidders may need more time to complete due diligence because of the complexity of the portfolio.

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