Colas signs agreement to sell its stake in the capital of Atlandes to HICL and DIF investment funds
Colas Sud-Ouest, a subsidiary of Colas, signed an agreement to sell (with conditions precedent) its 15.564% stake in the capital of Atlandes, a highway concession company, to HICL Infrastructure Company Limited and DIF investment funds (9.338% will be sold to HICL and 6.226% to DIF).
Atlandes has a concession for the section of the A63 Highway between the towns of Salles and Saint Geours-de-Maremne. The A63 is part of the Atlantic corridor highway, the main trade axis between France, Spain and Portugal. It was opened for service in November 2013. The operation was successfully refinanced in June 2015. Colas has been a developer and partner on this project from the start. It played a major role in setting up the financial package and participated in the design process, the construction work and refinancing.
The sales agreement covers the 15.564% stake in the capital of Atlandes and the shareholder loans for a total of 98 million euros. The conditions precedent and the sale should be able to come to completion at the beginning of 2017.
HICL Infrastructure Company Limited is an infrastructure investment fund, listed in London, managed by InfraRed Capital Partners, with roughly £1.8 billion in assets under management.
DIF is a management company specialized in infrastructure investments, managing some €3.2 billion in assets.
