Ardian to acquire stake in Spanish toll - road operator Tunels Barcelona

TIN news:   France-based private equity firm Ardian has signed an agreement with BTG Pactual to buy 65% stake in Spanish toll-road operator Tunels Barcelona e Cadí for €145.5m ($182m).
 
According to Ardian, Spain-based toll-road operator Abertis owns the remaining 35% stake in Tunels and will continue to operate the asset.
 
Ardian paid more than double the price paid by BTG Pactual in order to acquire the stake in Tunels Barcelona.
"Spain-based toll-road operator Abertis owns the remaining 35% stake in Tunels and will continue to operate the asset."
 
In 2012, Catalonia's regional government had sold the two assets comprising Tunels Barcelona to BTG Pactual and Abertis under a sole concession agreement that is set to expire in 2037.
 
The assets include Tunel de Vallvidrera and access roads opened in 1991 and Tunel del Cadi and access roads opened in 1984 and will be maintained and operated under the concession agreement.
 
The proposed transaction is subject to regulatory approval.
 
Abertis and Ardian have been partners in the French toll-road company SANEF since 2005 and co-shareholders of a Spanish toll-road company Trados 45 since 2010.
 
Ardian has $50bn worth of assets managed or advised in Europe, North America and Asia.