Arcus and Grupo Mello sell 81% of Brisa to consortium of investors

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There is already a buyer for 81% of Brisa. It is a consortium made up of Dutch, South Korean and Swiss investors.

Business evaluates highway concessionaire above three billion euros

The José de Mello Group and Arcus closed the sale of 81.1% of Brisa to a consortium made up of Dutch, South Korean and Swiss institutional investors, in a deal that evaluates the main Portuguese motorway concessionaire in a total value above three billion euros. euros.

In a statement, the José de Mello Group said that the buyer consortium was formed by APG (asset manager of ABP, the pension fund for civil servants and the education sector in the Netherlands), NPS (national pension service of the Republic Korea) and SLAM (asset manager of Swiss Life, the largest life insurance company in Switzerland). “He has accumulated experience in the management of infrastructure companies and a long-term vision for investments”, notes the Portuguese group.

The acquisition of the main Portuguese road concessionaire will be carried out through a vehicle wholly owned, directly and indirectly, by the consortium, and jointly controlled by APG and NPS.

Despite the sale, the José de Mello Group will remain a reference shareholder of Brisa, with a 17% position and “active participation in the management” of the company. Vasco de Mello will continue as chairman of the concessionaire that operates five concessions with a total of 21 highways. The Arcus fund leaves Brisa’s shareholder structure after it entered in 2012, when the Public Tender Offer was launched jointly with the Mello family, leaving the company valued at 1.3 billion at the time.

The business values ​​are not mentioned, but ECO knows that the operation has a global value of Brisa above three billion euros, which implies a transaction for values ​​of around 2.500 million euros by 81.1% of the road operator . Even so, it was revised downwards in relation to the non-binding proposals, due to the Covid-19 effect, which implied a global value for Brisa close to four billion euros.

The deal, advised by banks Rothschild and Caixa BI (José de Mello) and Morgan Stanley and Millennium BCP Investment Banking (Arcus) turned out to be a race for two, between the winning consortium (advised by JP Morgan) and Globalvia (advised Optimal Investments). As the ECO Insider revealed, it was the two finalists, and the deal ended up being closed over the state of emergency because of the pandemic.

There is an agreement for the sale, but the transaction is not yet concluded, and is now subject to approval by the competent regulatory authorities. The deal should be decided by the regulators during the third quarter of this year, indicates the José de Mello Group.

Trust sign

For Vasco de Mello, the operation, “celebrated in the current context of great adversity” because of the pandemic, “is a sign of confidence in Portugal and the Portuguese economy and represents a unique opportunity for Brisa to strengthen and accelerate its position in the area mobility. ”

Buyers consider Brisa “one of the main international references in the infrastructure sector”, so the company’s acquisition promises to increase the profitability of its investment portfolios.

This partnership, in the current context of great adversity, is a sign of confidence in Portugal and in the Portuguese economy, and represents a unique opportunity for Brisa to strengthen and accelerate its positioning in the area of ​​mobility.Vasco de Mello

Chairman of Brisa

“This company benefits from a high quality and very diversified road network and constitutes an essential contribution to the economic development of Portugal”, said Jan-Willem Ruisbroek, head of the Global Infrastructure Investment Strategy at APG, the largest manager of investment funds. independent pensions in the world, with around 551 billion euros of assets under management.Brisa invokes “force majeure”. Prepare compensation request Read More

Christoph Manser, of Swiss Life, with around 5 billion euros of assets under management in infrastructure, pointed out that the Portuguese company “represents a high quality core infrastructure asset, with an appealing long-term yield and positive potential that fits perfectly with the investment strategy ”.

“Brisa is an asset of excellence and its characteristics of focus on infrastructure and cash generation are representative of our investment philosophy in the transport sector,” said Jee Kim, of South Korea’s NPS, the third largest pension fund in the world. world with around 540 billion euros of assets under management.

 

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