APG, Korean NPS and Swiss Life Buy Majority Stake in Toll Road Operator Brisa

Posted on 04/28/2020


APG Asset Management, the National Pension Service of Korea, and Swiss Life Asset Managers formed a consortium and bought an 81.1% majority ownership stake in Brisa – Auto-Estradas de Portugal, S.A. (Brisa), a listed Portuguese toll road operator. The transaction values the equity of Brisa at more than €3 billion (US$ 3.26 billion). The sellers are José de Mello – Investimentos and Arcus European Infrastructure Fund 1 (managed by Arcus European Investment Manager LLP).

Brisa – Auto-Estradas de Portugal is a toll road system that has a network of over 1,628 kilometers of roads. Brisa runs a network of 17 motorways and six national highways.

Via direct and indirect stakes, José de Mello Group (Grupo José de Mello) held 57.3% of Brisa’s voting rights, while Arcus European Infrastructure Fund had 40% control. Jose de Mello will remain a shareholder, with 17% of its voting rights.

Advisors

Law firm Freshfields Bruckhaus Deringer LLP advised the buying group on the deal.

Vasco de Mello is the chairman and CEO of José de Mello Group and chairman and CEO of Brisa. Grupo José de Mello is a family-based and family-controlled Portuguese shareholder group playing a diversified role in the Portuguese economy. It is one of Portugal’s largest corporate groups. In 1972, Brisa ensured the construction of what is now regarded as the backbone of the Portuguese Highway System.

Keywords: Stichting Pensioenfonds ABP.

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