The Italian, Spanish and German firms have finalised the €16.5bn acquisition of Abertis. Under the deal, Atlantia will have 50% plus one share, while ACS will have 30% and Hochtief 20% less one share in Abertis Partecipaciones, the newly incorporated Spanish entity owned by Abertis HoldCo.
Financed through €6.9bn of equity, a debt package comprising a €3bn amortising term loan, a €4.7bn bridge-to-bond facility and a €2.2bn bridge-to-disposal facility, the takeover marks the end of over a year of bids and counterbids among Atlantia, ACS and Hochtief.
The three firms began exploring options to cooperate on the deal in March this year, a move that was backed by the Abertis board one month later.
Meanwhile, Atlantia has also acquired 23.9% of Hochtief share capital from ACS for €143.04 per share, for a total consideration of €2.4bn.