Meridiam Infrastructure has acquired Norscut, the concessionaire of the A24 motorway in Portugal, for an undisclosed amount.
The deal sees the Paris-based fund manager take over the business from the company’s four shareholders: French developers Eiffage (36 percent) and Egis (10 percent); Portuguese retailer Sonae Group (36 percent); and French lender BPCE (18 percent).
While Meridiam declined to disclose how much it paid for the asset, Sonae said it had sold its stake for €42 million. After a recent sale of its 15 percent interest in motorway operations and maintenance company Operscut to Egis, in addition to the Norscut deal, Sonae, a group with interests in sectors ranging from shopping centres to information systems, no longer has any outstanding road investments.
The A24 reached its €726 million financial close in 2000 with help from a syndicate of 25 banks, including a €324.3 million contribution from the European Investment Bank.
“Meridiam is willing to continue investing in Southern Europe, in countries which need our financing and project development expertise.”