02 December 2019

KWM assists Atlas Arteria to raise A$1.35 billion and increase European motorway stake

King & Wood Mallesons (KWM) has advised Atlas Arteria on its fully underwritten A$1.35 billion equity raising, in addition to assisting with agreements to acquire an increased interest in both APRR and ADELAC and internalise associated management agreements.

The raising is comprised of a A$452 million institutional placement and a four for twenty-one accelerated pro-rata non-renounceable entitlement offer that is expected to raise A$898 million.

Proceeds from the raising are being used to fund the additional 6.14 per cent stake in APRR, a 2318 km motorway network in the east of France, Europe’s 4th largest motorway group and the operator of ADELAC, the concessionaire of a stretch of motorway between France and Geneva. The transaction also involves a renegotiation and simplification of the ownership arrangements of APRR and the internalisation of associated management agreements, resulting in improved operational influence and governance rights regarding the motorways and their operation.

The KWM team advising on the transaction was led by partner, Henrik Moritz. Henrik was assisted by special counsel, Amanda Isouard, senior associates, Shabarika Ajitkumar, Matthew Ward and Max Allan and solicitors, Felicity Bell, Angus Moore and Daniel Ayad.

Commenting on the transaction, Henrik said: “The raising and acquisition undertaken by Atlas Arteria fit in with the group’s broader strategic objectives in which they independently manage their investments and look to continued future growth. It was our pleasure to assist Atlas Arteria in this significant achievement.”

The acquisition is expected to complete in Q1 next year subject to clearance from the relevant competition authorities and the French Ministry of the Economy.

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