VdA has advised José de Mello Group (“JdM”) on the joint sale with Arcus European Infrastructure Fund 1 (managed by Arcus European Investment Manager LLP) (“Arcus”) of a combined 81.1% majority stake in Brisa – Auto-Estradas de Portugal S.A. (“Brisa”). Arcus is selling its entire 40.6% interest as part of the transaction and JdM is selling an equal 40.6% interest in the joint sale.

The Consortium buying the equity stake is comprised of three institutional investors, namely APG (the asset manager of ABP, pension fund for employees in the government and education sectors in the Netherlands), the National Pension Service of the Republic of Korea, and Swiss Life Asset Managers (the asset manager of the largest Swiss life insurance company) and the acquisition will be made through a vehicle directly and indirectly wholly owned by the Consortium and jointly controlled by APG and NPS.

The sale also entails a long-term strategic partnership between the Consortium and JdM, which remains a strategic shareholder in Brisa, with a 17% voting position and active participation in management, with Vasco de Mello continuing as Chairman of the Board of Directors. VdA has also advised JdM in the negotiation of the agreement materializing this long term partnership.

Brisa is a leading toll road concessionaire in Europe (c. 1.575km total network length) and the largest road platform in Portugal representing approximately 57% of total national distance travelled and approximately 43% of the country’s toll road network.

The completion of the deal is subject to approval by the relevant regulators and expected to take place during the third quarter of this year.

The team was led by M&A Partner Cláudia Cruz Almeida and the core team advising in this transaction included Partner José Pedro Fazenda Martins, Managing Associates Inês Gomes Ferreira and Sofia Bobone and Associate Cristina Melo Miranda. This transaction also counted with the support of M&A Partner, João Vieira de Almeida.

In the context of the transaction, a team led by Infrastructure & Mobility Partner Paulo de Barros Baptista ensured the continuous support to Brisa.

Media:

Advocatus | Sete sociedades de advogados envolvidas na venda da Brisa. Três são portuguesas

Jornal de Negócios | Brisa dá aos Mello e à Arcus 2,4 mil milhões