GED Capital, a Spanish independent private equity group, has acquired the infrastructure fund management business of Ahorro Corporación.

The deal comprises assets worth €370 million (US$401.8 million). The unit comprises a total of five investment vehicles, three of which are backed by the European Investment Bank (EIB).

Under the agreement, Victoriano López-Pinto, Chief Executive Officer (CEO) of Ahorro Corporación, will join GED Capital to head up its infrastructure investments.

GED Capital president Felix Guerrero stated:

"This new business area has a very important future both at national and European level and allow us to expand into new markets where there is huge potential."

The deal is part of the Ahorro Corporación's divestment plan being undertaken during the last months. Ahorro Corporación's shareholders include Confederation of Spanish Savings Banks (CECA) and 39 savings banks.

GED is an independent private equity group operating in the Iberian Peninsula and South-Eastern Europe. The company is positioned in the middle market, managing funds in excess of €300 million through 4 different private equity vehicles and operates in two different private equity sectors; private equity and private equity-real estate.