Atlantia Sells Chilean Road Stake to Canadians

The Canada Pension Plan Investment Board (CPPIB) has agreed to buy a 49.99% stake in Atlantia’s Chilean toll road unit Grupo Costanera for CLP560bn ($1.15bn), the two say. The sale provides needed funding for Costanera’s toll roads, and culminates a process stretching back to last year when the Italian road operator examined several options to raise funds. Atlantia had considered floating part of its position publicly last year, before buying the 45.465% it did not own in February for EUR565.2m. It then solicited the interest of at least 10 bidders earlier this year, according to remarks made by company officials at the time, before the agreement to sell to CPPIB, an owner of several private equity investments in several sectors worldwide. Credit Suisse and Goldman Sachs advised Atlantia, according to people familiar with the sale, while Evercore is heard to have advised CPPIB. Atlantia could not be reached for additional information, and CPPIB did not respond to a request to comment. Costanera owns 5 toll roads in Chile, spanning 188km.