APG, NPS and Swiss Life acquire €3bn majority stake in Portugal's Brisa

The stake was acquired from the José de Mello Group and the Arcus European Infrastructure Fund 1 LP.

Brisa has a portfolio of 21 motorways in Portugal with a total length of more than 1,500 kilometres. The network has 7.5 million “customers” driving on the roads each year.

The deal is expected to close in the third quarter of this year.

Vasco de Mello (pictured, top), chairman and CEO of José de Mello Group and chairman and CEO of Brisa, said: “This long-term strategic partnership agreement will enable Brisa's growth and development plans to continue, given the size, experience and management quality of the three members of the purchasing consortium. This partnership is a sign of confidence in Portugal and the Portuguese economy in a context of great adversity. It represents a unique opportunity for the company to strengthen its position and leverage its expertise in mobility.”

Jan-Willem Ruisbroek, head of global infrastructure investment strategy at APG, said: “This investment in Brisa, on behalf of our pension fund client ABP, matches our strategy to deliver stable, long term returns in prime infrastructure assets worldwide. The company benefits from a high quality and well diversified road network and is a key contribution of economic development to Portugal. We now look forward to working with José de Mello and our consortium partners to facilitate the continued delivery of high-quality service for motorists and commuters and continue innovating in the road and mobility services segment.”


Meanwhile, Christoph Manser, Swiss Life AM head of infrastructure investments, commented: “As a long-term investor, we are delighted to become an investor in Brisa as it represents a high-quality core infrastructure asset with attractive long-term yield and upside potential that directly aligns with our investment strategy. Together with our consortium partners and José de Mello we look forward to supporting the company and its management team in the continued development of this essential transportation platform in Portugal.”


Jee Kim, National Pension Service head of infrastructure investment division, added: “We believe that Brisa is a prime infrastructure asset and its core, yield-generative characteristics are representative of our transport sector investment philosophy. We look forward to working with our partners and further unlocking value in this high quality investment platform.”

Deutsche Bank acted as M&A advisor on the transaction. DC Advisory acted as exclusive debt advisor to the consortium.

Portuguese law firm Morais Leitão advised the consortium. The team was led by partner Tomás Vaz Pinto (pictured, bottom) and included managing associate Diana Ribeiro Duarte and associate Lourenço Limão Oliveira. The teal also included partners Margarida Olazabal Cabral and Filipe Lowndes Marques, as well as managing associate Filipa Morais Alçada. The firm also provided antitrust and competition advice via a team that included partner Luís do Nascimento Ferreira, managing associate Pedro de Gouveia e Melo and associate Dzhamil Oda.

Freshfields Bruckhaus Deringer and Latham & Watkins also acted as legal advisors to the consortium.

The José de Mello Group was advised by Vieira de Almeida, Clifford Chance and Loyens & Loeff, while Arcus was advised by Campos Ferreira, Sá Carneiro & Associados.