Atlantia raises stake in Brazil road operator to 70%

Earlier this month, the Italian developer acquired a stake in Brazilian concessionaire Triângulo do Sol Auto for about €30m. Now Atlantia has further upped its stake by 10%, bringing its total interest in the concessionaire to 70%.

Italian toll road developer Atlantia has acquired an additional 10 percent stake in Triângulo do Sol Auto for R$70 million (€29.6 million; $40.9 million), increasing its interest in the Brazilian concessionaire to 70 percent.

Atlantia acquired the increased interest in Triângulo do Sol from Brazilian developer Leão & Leão, according to a statement. Triângulo do Sol holds a concession through 2021 to operate a 442-kilometre toll road network in the state of São Paulo. The concessionaire generated 2010 revenues of R$266 million with net debt of R$252 million as of 31 December, Atlantia said.

The transaction follows on a similar deal earlier this month, when Atlantia also acquired a 10 percent stake in Triângulo do Sol for R$70 million. At the time, Atlantia announced its intention to acquire a further 10 percent upon closing of the first transaction.

In a statement, Atlantia said Brazil holds a “pivotal role” in the company’s plans to grow its Latin American business, thanks to both short-term and medium-term infrastructure plans the country has put forward.

Other Latin American investments Atlantia has made include road concessionaires in Chile. Earlier this year, Atlantia also increased its interest in various Chilean road operators through its participation in the Autostrade Sud America consortium.

The company also owns Autostrade per l'Italia, Italy’s largest toll motorway builder and operator, and manages a network of about 3,100 kilometres of roads in Italy, according to Atlantia’s website.