Atlantia, ACS and Hochtief have concluded a €16.5bn ($19bn) joint investment in Spanish toll-road operator Abertis Infraestructuras.

The three companies are based in Italy, Spain and Germany respectively. They joined to create the largest toll-road group in the world, in a deal first announced in March.

The investment in newly incorporated Spanish company Abertis HoldCo SA sees Atlantia control 50% of the company plus one share, ACS 30%, and Hochtief 20% minus one share.

Included in the €16.5bn transaction is an equity injection of €6.9bn in Abertis HoldCo.

The financing package for the transaction also comprises a €3bn amortising term loan, a €4.7bn bridge-to-bond facility, and a €2.2bn bridge-to-disposal agreement.

“ACS and Atlantia were locked in a bidding war for the toll road operator for a period of five months.”

Separately, Atlantia acquired 23.9% of share capital of Hochtief from parent company ACS for a total consideration of €2.4bn, a price per share equal to €143.04.

Atlantia said that the company has financed its equity injection in Abertis HoldCo and the acquisition of 23.9% in Hochtief using the available cash and a financial package with maturities ranging from 2022 to 2023. Sorry, there are no polls available at the moment.

ACS and Atlantia were locked in a bidding war for the toll road operator for a period of five months. The Spanish Government was concerned that victory by an Italian company may leave some of the country’s key transport arteries under foreign control.

In March, an agreement was reached between the two companies, leading to the creation of the basis for a joint bid.