APG has announced that together with funds managed by Corsair Infrastructure Partners it intends to acquire the stakes held by minority shareholders in Itínere Infraestructuras S.A., a major Spanish infrastructure management company that operates five toll road concessions, all fully operational, in Northern Spain.

The two partners have signed agreements to acquire stakes held by Gateway Infrastructure Investments, L.P., a fund managed by Corsair, and certain minority shareholders, which take their joint holding in Itínere to 59.2%. APG and Corsair now intend to facilitate a solution for the remaining minority shareholders: Abanca, Sacyr, Kutxabank and Liberbank.

However, in July, Abanca, Sacyr and Kutxabank signed agreements to sell their stakes in Itínere to Globalvía, giving the latter a 55.6% stake in the company. APG and Corsair are attempting to prevent this sale from closing, and retain majority ownership of the company (Corsair was the majority owner before the sale to Globalvía was agreed, holding a 38% stake). Sacyr has reportedly confirmed that it has not made any sale agreement with APG and Corsair.

Despite this, APG and Corsair expect to close the different transactions and take control of Itínere by the end of 2018, once the necessary anti-trust and regulatory approvals (as applicable) have been granted. The agreements are based on a EUR1.3 billion (US$1.51 billion) (on a 100% basis) equity valuation.