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YEARûAbertis takeover saga reaches end of road
ITALY €16.8bn of loans and equity placed for new holding companyItaly’s ATLANTIA, Spain’s ACS and its majority-
owned German construction firm HOCHTIEF
completed the €16.5bn co-acquisition of
Spanish toll-road group ABERTIS, after putting
€16.8bn of loans and equity in place for a new
holding company.
The unsecured and non-recourse loans for
Abertis HoldCo comprise a €3bn amortising term
loan with maturities of between four and five years;
a €4.7bn 18-month bridge to bond; and a €2.2bn
bridge to disposal, of which €1.75bn will be repaid
with the proceeds from the sale of Abertis’ stake in
Cellnex that was completed in May.
The loans contain no financial covenants.
The three companies have also put a total of
€6.9bn of equity into the company.
Abertis HoldCo’s shareholders comprise
Atlantia with 50% plus one share, ACS with a
30% share, and Hochtief with 20% less one share.
The company was set up to purchase –
through wholly-owned Abertis Partecipaciones- Abertis shares that had been acquired by
Hochtief after the companies decided to join
forces for a joint takeover in March.
The joint acquisition saw Hochtief agree
to acquire 98.7% of Abertis in an all-cash
transaction, while Atlantia withdrew its bid.
To back its acquisition, Hochtief agreed a
€18.2bn loan via BBVA, Banco BPM, Banco
Santander, Bank of America Merrill Lynch,
Bankia, Barclays, BNP Paribas, Caixabank,
CdP, Commerzbank, Credit Agricole CIB, Credit
Suisse, Goldman Sachs, HSBC, ICBC, ING, Intesa
Sanpaolo, JP Morgan, LBBW, Mediobanca,
MUFG, Mizuho, Natixis, NatWest, RBC, Societe
Generale, SMBC and UniCredit.
Hochtief’s original €17.1bn cash-and-share
counterbid for Abertis, announced in October
2017, was backed with a €14.96bn loan,
which was syndicated in November 2017 via
bookrunners and mandated lead arrangers JP
Morgan, Commerzbank, HSBC, Mizuho and
Societe Generale.
Separately, Atlantia acquired a 23.9% stake
in Hochtief for €2.4bn, financing both the stake
purchase and its share of the equity injection into
Abertis HoldCo with available cash and a financing
package with maturities ranging from 2022 to 2023.
Atlantia tabled its own €17bn cash-and-
shares bid for Abertis in May 2017, backed with
an initial €14.7bn of loans underwritten by Credit
Suisse, UniCredit, Intesa Sanpaolo and BNP
Paribas and subsequently syndicated to a group
of banks.That financing was reduced by €2.8bn after
the issue of €1bn of bonds and completion
of the sale of its minority stake in Autostrade
per l’Italia (ASPI) and Azzurra Aeroport in July
2017.
In May 2018, Atlantia agreed a €4bn loan
to replace the €11.65bn remaining of the
acquisition loan. That financing included a
€1.5bn five-year term loan and the €2.5bn 18-
month bridge-to-bond facility.
In July the company replaced the €2.5bn
bridge loan with a €1.75bn five-year term loan
from Banco BPM, BNP Paribas, CDP, Intesa
Sanpaolo, Mediobanca and Unicredit. At the
same time, the company agreed a €1.25bn five-
year revolving credit facility.
Atlantia also agreed a €2bn three-year
revolving credit facility in October.
On Wednesday, Fitch downgraded Atlantia
to BBB+ with a negative outlook from A-, citing
a material re-leveraging after the co-acquisition
and Hochtief stake purchase, as well as the
limited visibility of the financial consequences
of the collapse in August of a bridge in Genoa,
operated by Atlantia’s motorway unit Autostrade
per l’Italia, that killed 43 people.
Alasdair Reilly