CVC DIF has agreed to sell its interests in the Portuguese highway concessions Norte Litoral and Algarve to Igneo Infrastructure Partners. 

The Norte Litoral concession covers the A27 and A28 highways (113km) and runs until 2031, while the Algarve concession covers the A22 highway (133km), which expires in 2030. Both operate under availability-based public-private partnership models with a revenue-sharing component, providing predictable, inflation-linked cash flows. CVC DIF initially invested in these concessions in 2017 and strengthened its stake in 2020. Since then, the projects have shown consistent operational results and steady cash generation, supported by CVC DIF’s active role in governance and oversight at board level. Portugal continues to be a key market for CVC DIF, where it intends to pursue additional investment opportunities.

The completion of the transaction is contingent upon standard regulatory approvals. CVC DIF’s stakes in Norte Litoral and Algarve are managed through the DIF Infrastructure IV and DIF Infrastructure VI funds, along with DIF IV co-investment vehicles. For this transaction, CVC DIF received financial advice from Santander and legal counsel from CS Associados.