ADIA to buy 20% of Abertis’ Chilean business

The sovereign wealth fund will pay €495m for the stake, valuing the Spanish developer’s third-largest unit at €3.7bn.

The Abu Dhabi Investment Authority has agreed to acquire 20 percent of the Chilean assets of Spain’s Abertis.

The institution will disburse €495 million for its stake in the unit, which comprises six concessions. Abertis is set to retain the remaining share upon completion of the deal, which values its Chilean business at €3.7 billion, it said in a statement.

The unit allowed Abertis to rake in €220 million in revenues and €166 million in EBITDA in the first half of 2016. Chile became the company’s third-largest market, behind France and Spain, after the group acquired Autopista Central for €948 million in January.

Abertis’ Chilean portfolio also includes Rutas del Pacífico, Autopista Los Andes, Autopista del Sol, Elqui and Autopista Los Libertadores.

“Chile is one of the most attractive concessions markets in the world for Abertis, with a clear, stable and established regulatory framework and the highest per capita GDP in the region,” the company underlining its intent to carry on with a model based on “the long-term incorporation of financial partners with trust in the projects, management and industrial role of Abertis”.

Financial investors already own stakes in Abertis’ subsidiaries in France, Spain, Brazil and Puerto Rico.