José de Mello Group and Arcus agree to sell 81.1% in Brisa

The José de Mello Group and the Arcus European Infrastructure Fund 1 LP managed by Arcus European Investment Manager LLP (Arcus) reached an agreement today with a Consortium of international investors for the joint sale of two blocks of shares representing a total of 81.1% of Brisa’s voting rights, valuing the company equity at more than €3 billion.

The Consortium that is buying the equity stake has accumulated experience in managing infrastructure companies, has a long-term vision in the investments it makes and is comprised of three institutional investors, namely APG (the asset manager of ABP, pension fund for employees in the government and education sectors in the Netherlands), the National Pension Service of the Republic of Korea, and Swiss Life Asset Managers (the asset manager of the largest Swiss life insurance company).

The acquisition will be made through a vehicle directly and indirectly wholly owned by the Consortium and jointly controlled by APG and the National Pension Service of the Republic of Korea.

The agreement they have entered into is a long-term strategic partnership between the Consortium and the José de Mello Group, which remains a strategic shareholder in Brisa, with a 17% voting position and active participation in management, with Vasco de Mello continuing as Chairman of the Board of Directors.

The Consortium considers Brisa to be one of the main international benchmarks in the infrastructure sector and intends to actively contribute to the company’s growth and development, both in current businesses and in new business areas.

This deal confirms Brisa’s financial robustness and sustainability and its potential for growth and appreciation while recognising the consistency and good performance of José de Mello Group and Arcus.

This deal is one of the largest foreign investments in Portugal in recent years. The fact that it was formalised and announced in the current economic context, of strong uncertainty, is particularly relevant.

The president of the José de Mello Group, Vasco de Mello, said “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 Brisa to strengthen its position and leverage its expertise in mobility “.

The José de Mello Group was advised on the overall process and transaction by Rothschild & Co, and Caixa – Banco de Investimento regarding certain financing arrangements. Legal advice was provided by Vieira de Almeida & Associados, Clifford Chance and Loyens & Loeff.

Completion of the deal is subject to approval by the relevant regulators and expected to occur during the third quarter of this year.