Atlantia, Italy’s premier toll road developer, has spent €30 million in purchasing a 10 percent stake in Brazil’s Triângulo do Sol Auto, a toll road concessionaire, from local developer Leão & Leão, Atlantia has announced in a statement.
The acquisition gives Atlantia a 60 percent shareholding in Triângulo do Sol Auto – which holds the concession for a 442-kilometre toll motorway network in the state of São Paulo. The acquisition will allow Atlantia to fully consolidate the concessionaire in its accounts.
Moreover, once this deal receives clearance from the relevant authorities, Atlantia said it will buy a further 10 percent in Triangulo do Sol from Leão & Leão “at the same conditions”. Last year, Triângulo do Sol Auto recorded revenues of €114 million and posted earnings before interest, tax, depreciation and amortisation (EBITDA) of approximately €68 million, Atlantia stated.
Atlantia hit the headlines in late June when France’s highest court – the Council of State – sided with the Italian firm and re-confirmed it as the winner of a €2 billion contract to install a satellite-based tolling system for heavy vehicles across France. The Italian firm had its debut investment in France threatened when a lower court annulled the tender process, in response to a complaint from the second-placed bidder.