Dalmore-led group buys €299m chunk of M25

The consortium, arranged and advised by Macquarie Capital, now owns 40% of the motorway’s holding company.

A consortium comprising subsidiaries of Dalmore Capital, Equitix and GCM Grosvenor has acquired Skanska’s 40 percent share in the UK’s M25 motorway operating company in a deal worth SEK2.9 billion ($330.4 million; €299 million).

Macquarie Capital arranged and advised the group – named Edge Orbital Holdings – on the deal for Swedish construction firm Skanska’s 40 percent stake of Connect Plus, responsible for maintaining and operating the M25 network. The other shareholders include European developers Balfour Beatty (40 percent), Egis (10 percent) and Atkins (10 percent).

Filings by Companies House show Edge Orbital Holdings was incorporated towards the end of last month, with the Dalmore Capital subsidiary referred to as the lead shareholder.

The Connect Plus consortium was part of a PPP project for the Highways Agency to widen the motorway from three to four lanes. A £6.2 billion financial close was reached in May 2009 when 16 commercial banks and the European Investment Bank provided a total of £1.1 billion debt.

In a separate announcement, Skanska said it has been appointed by Highways England to carry out the £1.5 billion A14 road improvement scheme alongside joint venture partners Costain, Balfour Beatty and Carillion.