Globalvia, the Spanish PPP operator controlled by OPTrust, PGGM and USS, has submitted a bid to acquire a majority interest in Itínere, a Spanish operator of toll roads. The value of the transaction could reach €1 billion (US$1.1 billion).

Iténere group is controlled by Corsair through a vehicle called Arecibo in which also participates Kutxabank. The main minority shareholder is Abanca, with 23.8 %, followed by Sacyr, with 15.5% and Liberbank, with 5.8 %. Taking control of Itínere implies, necessarily, support from Corsair.

Sacyr, has clearly stated its intention to divest its stake in the company.

AustralianSuper, an Australian superannuation / pension fund, recently helped Spanish highway company Itinere to refinance its long-term debt commitments by providing with a €300 million (US$333.6 million) bullet loan.

According to sources, Itínere's board, stated:

Globalvia has expressed interest in the transaction, but we are still in a preliminary stage as a formal proposal hasn't yet been submitted to the administration board of Iténere. 

Upon the accomplishment of the transaction Globalvia will double its size, becoming one of the biggest highway groups in Europe. 

Globalvia's current portfolio boasts a high degree of product diversify and includes a significant number of assets. The firm's portfolio is composed by 19 highways, 8 railways, one airport, two hospitals and two ports in seven countries: Spain, Ireland, Portugal, Andorra, Mexico, Costa Rica and Chile.

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.
• 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..
• 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.
• Autoestradas de Galicia AG-55: The AG-55 motorway acts as a communications corridor in the district of Bergantiños between A Coruña and Carballo.
• Autoestradas de Galicia AG-57: The AG-57 motorway connects the towns of Puxeiros and Baiona, located within the metropolitan area of Vigo 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.