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Abertis, through its subsidiary Inversora de Infraestructuras, has bought the 50% stake that Canadian fund Alberta Investment Management Corporation (AIMco) owned in Chile's Autopista Central for €948 million (US$1023 million).

The operation gives Abertis full control of the ownership of the concession, in keeping with its strategy in recent years of boosting control over its investments.

Autopista Central, a 61-km concession, is Chile's premium toll road asset, and the country's busiest road, with Average Daily Traffic of 81,037 vehicles (September 2015).

The infrastructure runs through the centre of capital Santiago de Chile on two main arteries: 40 km N-S, running through 10 districts of the city from Quilicura in the north to the River Maipo in the south, while the General Velázquez section runs for 20 km through 9 districts.

In 2015, Abertis acquired the control of Chilean Autopista Los Libertadores and Autopista del Sol. Following this purchase of Autopista Central, Abertis now has full control of the 6 road concessions (771 km) that operate in the country.

The acquisition of the remaining 50% of Autopista Central, a concession expiring in 2031, extends the average maturity of Abertis' local assets portfolio to 2027.

Following the purchase, Autopista Central will be fully consolidated in Abertis' financial statements with an approximate annual impact of €220 million on revenue; EBITDA of €160 million; and net debt of €400 million.

This doubles the volume of Abertis' business in Chile, making it the Group's third largest market in terms of EBITDA behind France and Spain, representing the 11% of the total for the Group.

Abertis’ Vice-chairman and CEO, Francisco Reynés, highlighted the importance of this acquisition for the Group:

“It shows the ability of Abertis to drive its asset base forward in attractive conditions, and a new step in the delivery of the commitments announced in our 2015-2017 Strategic Plan”.

He also stressed the crucial role that Chile plays for Abertis,

“One of the world's most attractive concession markets, with a clear, stable and consolidated regulatory framework and the region's largest per-capita GDP make Chile. The Andean country is a key component in Abertis’ strategy and its commitment to create long-term value for shareholders, customers and society as a whole”.