Globalvia, the Spanish PPP operator controlled by OPTrust, PGGM and USS, and Macquarie have decided to submit a bid together to acquire a majority interest in Itínere, a Spanish operator of toll roads.

Globalvia and Macquarie will compete with a consortium formed by the Canada's pension investment managers PSP Investments,  the Dutch pension fund APG and GIC Private Limited, formerly known as Government of Singapore Investment Corporation, a sovereign wealth fund established by the Government Singapore.

The majority stake is controlled by Corsair through a vehicle called Arecibo, with a 54%. The main minority shareholder is Abanca, followed by Kutxabank, Sacyr and Liberbank.

PSP, APG y GIC compete at an advantage as the funds are limited partners of Corsair.

The transaction could be valued at €1.1 billion (US$1.17 billion), €3 billion (US$3.2 billion) of Itinere's corporate debt is included.

Itinere currently has 6 motorway concessions, all of them in operation, distributed in northern Spain amounting to 609,1 kms:

Audasa: This toll motorway connects the north of Galicia to the south of Galicia and enables users to benefit from major advantages as regards safety, convenience and speed compared to traditional roads.

AP-1 Europistas: The motorway Burgos- Armiñón, with a length of 84.3 Km, links the central and South part of the Iberian peninsula with the French border as part of the highly used corridor which connects the Iberian peninsula with Central Europe.

Aucalsa - AP-66: The Campomanes-León Toll Motorway responds to the need to keep a road link open throughout the year between Asturias and the Castilian Plateau.

Audenasa: With a length of 112.6 km, the Navarra Motorway links the Ebro motorway to the Northern motorways via the "Leizarán" (San Sebastián) motorway and the "La Barranca" (Vitoria) motorway, thereby creating a direct connection between Zaragoza - and for the traffic travelling on the motorways from Aragón, Catalonia and Levante - and Guipúzcoa and Alava, as well as the rest of the Basque Country, the Bay of Biscay region and France.

Autoestradas de Galicia AG-55: The AG-55 motorway acts as a communications corridor in the district of Bergantiños between A Coruña and Carballo, as well as being a major link road to the districts of Soneira and Fisterra, which are a greater distance from the city of A Coruña.

Autoestradas de Galicia AG-57: The AG-57 motorway connects the towns of Puxeiros and Baiona, located within the metropolitan area of Vigo, through the district of El Val Miñor in Pontevedra via a 25 kilometre section.

Acega - AP-53: Motorway stretch in Galicia with three sections:

• Section I: 'Santiago-Silleda' - 33.6 km.
• Section II: 'Silleda-Lalin Centro' - 13.3 km.
• Section III: 'Central Lalin - Alto de Santo Domingo' - 9.7 km.