Atlantia Makes $17.8 Billion Bid for Spain's Abertis

By Giovanni Legorano Features Dow Jones Newswires

Italian infrastructure group Atlantia (ATL.MI) said Monday it has launched a cash-and-share offer for Abertis SA (ABE.MC), in a transaction valuing the Spanish company at 16.3 billion euros ($17.8 billion).

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Atlantia said it will offer EUR16.50 for each share in Abertis. Alternatively, it said that shareholders in the Spanish company can receive stocks at a swap ratio of 0.697 Atlantia shares for each Abertis one.

Atlantia said the deal would create the largest global toll-road operator managing a road network of 14,095 kilometers in 19 countries, adding the new group would have an EBITDA of EUR6.6 billion and EUR2.4 billion of investments.

"?Should the offer be successful, the combined group will result in a very strong cash flow generation capacity and ability to invest which, together with our unique geographic presence, will allow us to be the most suitable partner to address the needs of the relevant institutions and customers in our countries of operation," said Atlantia Chief Executive Giovanni Castellucci.

Credit Suisse and Mediobanca are acting as financial advisors to Atlantia.?

Write to Giovanni Legorano at giovanni.legorano@wsj.com

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(END) Dow Jones Newswires

May 15, 2017 04:09 ET (08:09 GMT)