Macquarie Atlas Roads (MQA) has announced that it will exercise a pre-emptive right to acquire an additional 4.86% indirect interest in APRR for €440 million (US$527 million).
The acquisition will increase MQA’s indirect interest in APRR from 20.14% to 25.00%.
Autoroutes Paris-Rhin-Rhône (APRR) is the concessionaire of a 2,323 kilometre motorway network located in the east of France. The network acts as a vital transportation corridor for Western European trade, is the second largest toll road network in France and the fourth largest in Europe. APRR has an established operating track record with over 50 years of traffic growth and proven earnings stability.
The acquisition will be partially funded via a US$362 million equity raising structured as an underwritten pro-rata accelerated non-renounceable entitlement offer. The balance of the funding requirement will be met via a €150 million (US$180 million) debt facility.
Natixis acted as financial advisor to MQA on the acquisition.