Abertis, a leading global infrastructure and mobility management group, has announced its acquisition of a 51.2% stake in the A-63 toll road in south-west France. The transaction, conducted through its fully owned French subsidiary HIT, was finalized in agreement with French companies Crédit Agricole Assurances and AXA IM Alts. This move further solidifies Abertis’ footprint in one of its key markets, enhancing its long-term growth strategy
The Strategic Importance of the A-63 Corridor
The A-63 is a 104-kilometre toll motorway that plays a crucial role in connecting Spain with northern Europe. The route links Bordeaux with the cities of Bayonne, Biarritz, Anglet, and Saint-Jean-de-Luz, a region known for its tourism and economic activity. This motorway is a key transport link for goods traveling between the Iberian Peninsula and northern Europe, making it a valuable asset in Abertis’ portfolio.
Completed in 2013, the A-63 is a well-maintained infrastructure that does not require significant additional investment. In 2024, the toll road generated EUR 170 million in revenue and recorded an EBITDA of EUR 134 million, reflecting a positive traffic trend. The concession for the road extends until 2051, offering a stable and long-term revenue stream for Abertis.
Abertis' Growth strategy and Financial Position
This acquisition is part of Abertis’ broader strategy to expand its presence in stable markets with strong legal frameworks. The company has recently undertaken similar expansions in Puerto Rico, Spain, and Chile, demonstrating its ability to maintain a balanced portfolio with a strong currency mix in euros and dollars.
By securing long-dated and mature assets, Abertis aims to ensure sustained cash flow and concession life extension, which are common feature of infrastructure assets/investing.
Following the completion of this transaction, Abertis’ shareholders, ACS Group and Mundys, will inject EUR 400 million in equity to support the company’s growth and strengthen its balance sheet. This investment reinforces Abertis’ global leadership in transport infrastructure concessions and public-private partnerships, while maintaining its credit rating.
With this latest expansion, Abertis continues to reinforce its presence in Europe, ensuring a strong, sustainable future in infrastructure and mobility management.
Abertis' Presence in France
Abertis is already well established in France through its ownership of the Sanef Group, which manages nearly 1,800 kilometres of motorways in the northern part of the country. The company has implemented advanced technologies to optimize traffic flow and tolling services, including the transformation of traditional toll motorways into barrier-free toll systems on the A-13 and A-14 routes.
Expressing confidence in this new acquisition, Abertis CEO José Aljaro stated: “We are very pleased to expand our footprint in a key market like France, allowing us to consolidate our position as a benchmark operator, not only in the country, but also in Europe, where we have years of experience managing infrastructures.”
Transaction Next Steps and Regulatory Approvals
The finalization of the acquisition remains subject to customary regulatory approvals. According to the company, Both Abertis and its transaction partners are working towards closing the deal as soon as possible.
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