Abertis Infraestructuras is taking full control of the A63 Motorway in France through the acquisition of the remaining 48.8% stake it does not already own from HICL Infrastructure, CVC DIF and NGE Autoroutes.
HICL Infrastructure said it has sold its 24% stake in Atlandes, the portfolio company which owns the A63 motorway in France, to the majority shareholder for £311m (€360m).
The London-listed infrastructure investment company managed by InfraRed Capital Partners said the gross proceeds reflect a 21% premium over the firm’s most recent valuation of its A63 investment.
The A63 is a 104km, dual three-lane toll motorway that has been in operation since 2013, connecting Salles and Saint-Geours-de-Marenne in south-west France.
The motorway, in which HICL first invested in 2017, is the infrastructure investor’s second-largest portfolio asset, accounting for 8.4% of its total assets as at 30 September 2025.
HICL increased its shareholding through incremental investments in 2018 and most recently in 2024.
HICL said it intends to deploy proceeds into “attractive investment opportunities, which would further enhance HICL’s return and growth profile”.
Mike Bane, HICL chair, said: “This disposal demonstrates once again the quality of HICL’s portfolio and our proven ability to generate value through disciplined asset rotation in all market conditions.”
Bane said HICl has completed over £1bn of disposals since 1 April 2023 at a weighted average premium of 11%.
“Looking forward, the board sees significant opportunity to invest the proceeds into currently available investment opportunities, where these enhance HICL’s strategic priorities and the expected returns exceed the hurdle set by share buybacks,” Bane added.
Edward Hunt, head of core infrastructure funds at InfraRed, said: ”The A63 illustrates InfraRed’s ability to originate, build, de‑risk, manage and ultimately realise assets at highly attractive valuations, leveraging expertise across its investment platform.
“This long‑term stewardship of the A63 has delivered a highly valuable outcome for HICL and reinforces our confidence in the opportunity to reinvest capital accretively and build long-term value for shareholders.”
José Aljaro, CEO of Abertis, said: “The operation reinforces our concession profile and our growth strategy, consolidating the group’s presence in France with a long-term asset that strengthens our position as a leading operator in Europe.”
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