Abertis

Abertis Infraestructuras is a Spanish infrastructure company whose principal business is the long-term concession, operation and maintenance of toll roads. Rather than selling standardized consumer goods, the company manages transport assets under concession agreements that typically define the operator’s rights, obligations, investment requirements, toll arrangements and concession duration. Its operating activities include road availability, traffic management, toll collection, maintenance, capital improvements and compliance with public-sector and regulatory requirements. The company was formed in April 2003 through the merger of Acesa Infraestructures and Aurea Concesiones de Infraestructuras. Acesa traced its origins to Autopistas, Concesionaria Española, founded in 1967, while Aurea incorporated toll-road activities associated with Autopistas de Mare Nostrum, founded in 1971. This combination created a larger Spanish platform for managing motorway concessions and pursuing international expansion. Abertis broadened its activities during the 2000s. It acquired Retevision, a Spanish radio and television distribution business, in 2003 and Iberpistas, another Spanish toll-road operator, in 2004. Its international infrastructure profile increased substantially with the 2005 acquisition of the French toll-road operator Sanef. The company later expanded into Chile, Brazil, Puerto Rico, Italy and India through acquisitions, concession awards and investments in operating companies. Its portfolio has included major road concessions such as AP-68 in Spain, Arteris-operated concessions in Brazil, Autopista Central and other Chilean roads, Puerto Rico’s PR-22 and PR-5, and Italian and Indian toll-road assets. Abertis also pursued adjacent infrastructure and technology opportunities. In 2006 it attempted to acquire Atlantia, then known as Autostrade, but the proposal was abandoned in 2008 after opposition from the Italian government. In 2008, Abertis and Citi Infrastructure Investors proposed a long-term lease of Pennsylvania’s Turnpike, but withdrew the bid when they concluded that it would not obtain legislative approval. In 2016, Abertis created Emovis to develop electronic tolling, mobility technology and related information services. In October 2018, Abertis was acquired by Atlantia, the Spanish ACS Group and Germany’s Hochtief. Atlantia subsequently became known as Mundys. The transaction ended Abertis’s status as an independently listed company and placed it within a privately controlled infrastructure group. Abertis continues to be identified with global toll-road management and concession operations. Its performance is shaped by traffic volumes, toll levels and indexation, concession duration, capital expenditure, financing conditions, public policy, regulation and the renewal or expiry of individual concessions. The company reports operating a worldwide network exceeding 8,600 kilometres of toll roads, although the exact asset portfolio can change as concessions are awarded, transferred, sold or expire.

Abertis emerged from the consolidation of Spain’s motorway-concession sector. Its corporate predecessors included Autopistas, Concesionaria Española, founded in 1967, and Autopistas de Mare Nostrum, founded in 1971. Acesa Infraestructures and Aurea Concesiones de Infraestructuras became the immediate predecessor businesses, and their merger in April 2003 formed Abertis. The newly formed group initially combined Spanish motorway concessions with broader infrastructure ambitions. In December 2003 it acquired Retevision, a radio and television distribution company, demonstrating that the group’s early scope was not limited exclusively to roads. In June 2004 it acquired Iberpistas, reinforcing its domestic toll-road position. The acquisition of Sanef in December 2005 gave Abertis a significant presence in France and became a central stage in its transformation into an international toll-road operator. Abertis attempted further strategic expansion in Italy when it launched a proposed acquisition of Atlantia, then called Autostrade, in April 2006. The effort encountered opposition from the Italian government and was abandoned in January 2008. During the same period, Abertis explored opportunities in the United States. Together with Citi Infrastructure Investors, it submitted a proposal in May 2008 to lease the Pennsylvania Turnpike for 75 years. The consortium withdrew the offer in September 2008 because it believed the proposal would not secure approval from the Pennsylvania legislature. International expansion continued through a combination of acquisitions and concession awards. In 2009, Abertis obtained control of Avasa, the concessionaire of Spain’s AP-68, and acquired control of the Chilean concessions Elqui and Rutas del Pacífico. In 2011, its subsidiary Metropistas won the concession for Puerto Rico’s PR-22 and PR-5. In 2012, Abertis acquired Arteris in Brazil, a group managing nine toll-road concessions, while adding three more Chilean roads to its portfolio. The company expanded further in Chile in 2015 by taking over Autopista del Sol and Los Libertadores. In 2016, Abertis entered Italy through the concessionaire A4 Holding and acquired all of Autopista Central in Santiago. It also created Emovis as a technology and information-services subsidiary focused on electronic tolling and intelligent mobility. This initiative reflected the increasing importance of digital toll collection and traffic-management systems alongside conventional road operations. In 2017, the group entered Asia through the acquisition of two toll roads in India. The ownership structure changed decisively in October 2018. Abertis was acquired by Atlantia, ACS Group and Hochtief. Atlantia was later known as Mundys. The transaction removed Abertis from the position of an independently listed company and placed it within a privately controlled infrastructure ownership structure. Abertis’s continuing business identity has centered on operating and managing toll-road concessions across several regions. Its network has been described as exceeding 8,600 kilometres worldwide, although the composition of the portfolio may change as concessions mature, expire, are transferred or are newly acquired. The company’s long-term performance depends on traffic demand, toll-setting arrangements, concession terms, infrastructure investment, financing costs and the regulatory decisions of the countries in which it operates.

1. 2018Acquisition by Atlantia, ACS and Hochtief

   Abertis was acquired by Atlantia, ACS Group and Hochtief, becoming part of a privately controlled infrastructure group.

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2. 2017Entry into India

   The group entered Asia through the acquisition of two Indian toll roads.

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3. 2016Italian entry and Emovis launch

   Abertis entered Italy through A4 Holding, acquired full ownership of Autopista Central in Chile and created Emovis for electronic tolling and intelligent mobility.

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4. 2015Additional Chilean concessions

   Abertis took over the Autopista del Sol and Los Libertadores concessions in Chile.

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5. 2012Arteris acquisition

   Abertis acquired Brazilian toll-road group Arteris and added further Chilean road concessions.

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6. 2011Puerto Rico concession award

   Abertis subsidiary Metropistas won the concession for the PR-22 and PR-5 toll roads.

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7. 2009Expansion through Avasa and Chilean concessions

   Abertis gained control of Avasa in Spain and the Elqui and Rutas del Pacífico concessions in Chile.

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8. 2008Atlantia acquisition attempt ends

   Abertis abandoned its effort to acquire Atlantia after opposition from the Italian government.

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9. 2005Sanef acquisition

   The acquisition of French toll-road operator Sanef expanded Abertis’s European footprint.

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10. 2004Iberpistas acquisition

    Abertis acquired Spanish toll-road operator Iberpistas.

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11. 2003Abertis is established

    Acesa Infraestructures merged with Aurea Concesiones de Infraestructuras, creating Abertis as a consolidated Spanish infrastructure group.

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12. 2003Retevision acquisition

    Abertis acquired Retevision, a Spanish radio and television distribution business.

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Global transport-infrastructure concession and toll-road operations platform

• Toll-road concessionsTransport infrastructure

  Abertis’s principal business is the ownership, investment in or management of long-duration toll-road concessions. These arrangements give the operator responsibility for making roads available, maintaining infrastructure and collecting tolls under defined contractual and regulatory conditions. The concession portfolio has included roads in Europe, the Americas and Asia, and its composition changes as concessions are awarded, acquired, transferred or expire.

• Toll-road operations and maintenanceInfrastructure operating services

  This service encompasses daily motorway operations, toll collection, traffic and customer management, infrastructure upkeep, safety-related activities and capital improvements required by concession agreements. Abertis delivers these functions through operating companies and concessionaires in its international network rather than through a single consumer-facing product.

• Electronic tolling and intelligent mobilityMobility technology2016

  Through Emovis, created in 2016, Abertis developed technology and information services for electronic toll collection and intelligent mobility. The offering extends the group’s role from physical road management into digital tolling, information systems and technologies intended to support more efficient transport operations.

• 2018Acquisition by Atlantia, ACS and HochtiefM&A

  Abertis became the subject of a transaction involving Atlantia, ACS Group and Hochtief.

  What changed. The acquisition was completed in October 2018.

  Aftermath. Abertis ceased to operate as an independently listed company and became part of a privately controlled infrastructure group. Atlantia later adopted the name Mundys.

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• 2016Creation of EmovisProduct launch

  Electronic tolling and intelligent mobility were becoming increasingly important complements to traditional concession and road-management activities.

  What changed. Abertis created Emovis as a subsidiary focused on technology and information services for electronic tolling and intelligent mobility.

  Aftermath. The group established a dedicated platform for technology-enabled toll and mobility services.

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• 2008Withdrawal from Pennsylvania Turnpike lease proposalStrategy

  Abertis and Citi Infrastructure Investors proposed a 75-year lease of the Pennsylvania Turnpike as an entry into the United States toll-road market.

  What changed. The consortium withdrew its proposal in September 2008 after concluding that it was unlikely to receive approval from the Pennsylvania legislature.

  Aftermath. Abertis did not obtain the proposed Pennsylvania concession.

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• 2006Attempted acquisition of AtlantiaM&A

  Abertis sought to expand its position in the European toll-road sector by pursuing Atlantia, then known as Autostrade.

  What changed. The acquisition effort was initiated in 2006 but was ultimately abandoned in January 2008 after opposition from the Italian government.

  Aftermath. The proposed combination did not proceed, and Abertis subsequently considered selling part of its stake in the company.

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• 2018Abertis is acquired by Atlantia, ACS and Hochtief

  In October 2018, Abertis was acquired by Italy’s Atlantia, Spain’s ACS Group and Germany’s Hochtief, ending its independent listed-company status.

  M&A
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• 2017Abertis enters Asia through Indian toll roads

  The Abertis Group entered Asia by acquiring two toll-road assets in India.

  M&A
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• 2016Abertis enters Italy and creates Emovis

  Abertis entered Italy through concessionaire A4 Holding, acquired full ownership of Autopista Central in Santiago, Chile, and established Emovis for electronic tolling and intelligent-mobility services.

  M&AProduct launch
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• 2015Abertis expands its Chilean portfolio

  The company took over the Autopista del Sol and Los Libertadores concessions in Chile.

  M&A
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• 2012Abertis acquires Arteris in Brazil

  Abertis acquired Arteris, a Brazilian group managing nine toll-road concessions, and also incorporated three additional Chilean toll roads.

  M&A
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• 2011Abertis wins Puerto Rico road concessions

  Abertis subsidiary Metropistas won the concession for Puerto Rico’s PR-22 and PR-5 toll roads.

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• 2009Abertis expands in Chile and Spain

  Abertis gained control of Spain’s AP-68 concessionaire Avasa and of the Chilean concessions Elqui and Rutas del Pacífico.

  M&A
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• 2008Abertis abandons proposed acquisition of Atlantia

  Abertis ended its attempt to acquire Atlantia, formerly Autostrade, after opposition from the Italian government.

  M&ARegulation
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• 2008Pennsylvania Turnpike lease proposal is withdrawn

  Abertis and Citi Infrastructure Investors withdrew their proposal to lease the Pennsylvania Turnpike for 75 years after determining that the plan was unlikely to receive legislative approval.

  OtherRegulation
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• 2005Abertis acquires Sanef

  Abertis acquired French toll-road operator Sanef, an important step in the company’s internationalization.

  M&A
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• 2004Abertis acquires Iberpistas

  The company acquired Iberpistas, strengthening its position in Spain’s toll-road sector.

  M&A
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• 2003Abertis is formed through the merger of Acesa and Aurea

  Acesa Infraestructures and Aurea Concesiones de Infraestructuras merged to create Abertis, consolidating important Spanish toll-road activities.

  M&AOther
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• 2003Abertis acquires Retevision

  Abertis expanded beyond road concessions by acquiring Retevision, a Spanish radio and television distribution business.

  M&A
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1. Abertis
2. Abertis official website