Sonae Capital, a Portugal-based holding company engaged mainly in the tourism and hospitality sector, has recently revealed that it has reached an agreement with Meridiam Infrastructure Europe II SCA SICAR, a fund managed by Meridiam Infrastructure, for the sale of its 36% stake in Norscut, the concession company of the A24 motorway in Portugal.

Sonae Capital possessed the 36% stake in the A24 motorway consortium through its subsidiary Contacto - Concessoes. The total amount agreed in the transaction represents €42 million (US$47 million).

The A24 motorway links the Portuguese cities of Viseuand Chaves. The 155 kilometers link opens up the north of Portugal and provides ready access to Spain from the center of the country. Because of rugged terrain along the route, 6 years of construction and no fewer than 37 engineering structures were required, the longest being the VilaPouca de Aguiar viaduct with 1,350 meters.

The project was signed on December 1, 2000 and the concession has a duration of 30 years from 31 December 2000. The road was inaugurated in June 2007 and the total project investment was €726 million (US$827.1 million).

Earlier this month, we also reported that Meridiam Infrastructure acquired another 36% stake in the concessionaire from Eiffage. Following this transaction Meridiam will be the major stakeholder of the A24 motorway (72%). Norscut is also owned by BPCE (18%) and Egis (10%). The closing of this transaction is subject to usual legal, regulatory and financial approvals.