RSS
Related content
Companies / Entities
Projects
- Atlantia, Bertin JV could be an attractive acquisition target - UBS
- Atlantia, Bertin JV could be an attractive acquisition target - UBS
Keywords
Mergers & Acquisitions | Privatization/Concession | Consulting/Research | Highways/Bridges/Tunnels
Facebook
Delicious
Digg
Yahoo
MeneameThe recently signed JV between Italian tollroad operator Atlantia (BIT: AUTS) with Brazil's Bertin group could become an attractive acquisition target, according to Swiss investment bank UBS.
The JV, jointly owned by Atlantia subsidiary Autostrade do Brasil and Bertin subsidiary CIBE, will be the fourth largest tollroad operator in Brazil, operating more than 1,500km of concessioned highways.
The new company should bring revenue of 810mn reais (US$463mn) this year, with Ebitda of 630mn reais and net debt of 1.63bn reais.
While the Sul and Leste stretches of the Rodoanel Mário Covas beltway surrounding state capital São Paulo were excluded from the transaction, the new company will have a call option that can be exercised at the end of the first year of full operations.
"Without Rodoanel South and East we think the two investment vehicles became an attractive acquisition target," UBS analyst Victor Mizusaki wrote.
EcoRodovias would be a "natural potential buyer," for the JV, as Atlantia is one of the largest shareholders of Impregilo, one of EcoRodovias' controllers.
UBS has a neutral rating on EcoRodovias, with a target price of 15.5 reais per share.
0
Comentarios