Italian Operator Picks Up Brazil, Chile Highways

Italian toll road operator Atlantia has agreed to buy stakes in Chilean and Brazilian highways from Spain’s Itinere for EUR420m. The sale is a part of a larger deal also agreed Monday, in which Spanish infrastructure operator Sacyr Vallehermoso is selling Itinere to Citi Infrastructure Investors for a total consideration of EUR7.9bn. The package divested to Atlantia consists of stakes in 6 Chilean and 1 Brazilian road concessions, and maintenance companies, totaling 702km. Atlantia sees the highways contributing EUR60m in Ebitda. The deal is expected to close in Q1 2009, following Citi’s launch of a tender offer for Itinere on the Madrid Stock Exchange.