IFM Investors acquires Mexico highway operator Aleatica

The transaction implied the launching of a delisting tender offer for Aleatica, through the Mexican Stock Exchange (BMV), to acquire the company’s shares and take it private, as well as the formation of a trust with a minimum term of six months to acquire any shares not tendered as part of the offer, and the cancellation of Aleatica MX’s shares before the Mexican National Securities Registry (Registro Nacional de Valores) and their delisting from trading on the BMV.

The transaction was valued at 167.3 billion pesos (around $8.2 billion), calculated based on the book value of the total equity of Aleatica MX.

IFM Investors is owned by 17 Australian pension funds, operating globally from offices in Melbourne, Sydney, New York, London, Berlin, Zurich, Amsterdam, Tokyo, Hong Kong, Seoul, Milan, Warsaw, and Houston, along with funds managed and/or advised by IFM Investors.

Aleatica is a global leader in the management, operation, administration, and execution of transportation infrastructure projects, having a significant presence in Mexico, Europe, and Latin America.

Aleatica MX was incorporated in 2005, and its continued growth since then has positioned it as a relevant transport infrastructure operator in the industry within the metropolitan area of Mexico City, both for the number of concessions awarded and the miles of highways under management.

Currently, Aleatica MX builds, manages, operates, and maintains seven toll roads, six of which are in operation and one is under construction, and one airport.

Citi Casa de Bolsa and Casa de Bolsa Santander acted as intermediaries.

Law firm Pérez-Llorca México advised IFM Investors on the transaction.

“This transaction underscores PLL Mexico’s pivotal role in facilitating landmark deals in the public M&A and infrastructure sectors,” the law firm said. “The delisting of Aleatica MX marks a significant milestone in its evolution as a private entity, enhancing its agility and competitiveness in the transportation infrastructure industry across Mexico.”

“By advising IFM Investors and Aleatica. Pérez-LLorca Mexico helped streamline operations and consolidate control over key assets, reinforcing their leadership in a critical market for regional economic growth. The deal showcased a multifaceted and innovative approach, combining a delisting tender offer with a trust mechanism to ensure the acquisition of non-tendered shares. This transaction reflects our expertise in executing sophisticated cross-border deals within highly regulated industries,” the firm added.

Pérez-Llorca’s team was led by partner José Ignacio Rivero, with managing associate Jacinto Ávalos Capín and associates Rodrigo Poumian González, Héctor Ferrari Ruiz and Valeria Camacho Bello.