Colas (partially owned by Bouygues) and VINCI Autoroutes have reached an agreement whereby Colas is to sell its 16.67% stake in Cofiroute to VINCI Autoroutes. The transaction is priced between a minimum of €780 million and a maximum of €800 million, subject to certain operational assumptions being realised over the 2014-2015 period. The transaction will be concluded on 31 January 2014 at the latest.

The deal, which will make Vinci the sole shareholder in Cofiroute, had a long history as Bouygues and Colas had been looking to exit Cofiroute for several years but had been tough with pricing.

Colas CEO Herve Le Bouc said the offer was attractive given the business had reached maturity.

Cofiroute will no longer bring Colas a dividend worth some €50 million a year. However, sources indicated that the sale should generate up to €380 million in net proceeds.

The sale price of the Cofiroute stake represents 12.4 times 2012 earnings before interest and tax.

Cofiroute is the concession company of 1,100 km of motorways in western France and the A86 Duplex tunnel in the Paris region.