Macquarie exits Atlas Roads for $350m

The Australian fund manager is divesting its principal stake in the global toll road operator as the asset company decides to internalise its management team.

Macquarie Group sold its 11.3 percent principal holding in Macquarie Atlas Roads (MQA) via a A$456 million ($350 million; €297 million) bookbuild last Friday.

The transaction involved the sale of 76 million shares in MQA at A$6 per share to “a wide range of institutional investors”, following a previous divestment of 53 million shares at A$5.32 each by Macquarie in September last year.

MQA is one of the public investment vehicles managed by Macquarie, as an ASX-listed toll road developer and operator with interests in four international toll roads. It currently owns interests in the Dulles Greenway in Virginia, the APRR motorway in France, the Warnow Tunnel in Germany and the ADELAC connecting Annecy in eastern France and Geneva in Switzerland.

The exit came as MQA completed a strategic review last month on its structure and the relationship with Macquarie, followed by the decision to split from Macquarie and internalise its management team.

“The relationship with Macquarie has served securityholders’ interests well. Under Macquarie’s active management, MQA has delivered investors a compound annual return of approximately 37 percent over nearly eight years since listing, transforming MQA from a market capitalisation of A$278 million to a top 100 ASX-listed company with a market capitalisation of A$4 billion,” said Nora Scheinkestel and Jeff Conyers, chairs of the MQA Board.