Trinity Gate Investments infrastructure acquires Ascendi assets in significant Portuguese motorway network

Ascendi PT II was formed in June 2015 as a partnership between Trinity Gate Investments Infrastructure and Ascendi, and owns and operates five motorways in North Portugal and the Lisbon area. 

As part of this new transaction, Trinity Gate Investments Infrastructure will take control of the five jointly held assets, as well as two additional toll roads from Ascendi. Trinity Gate Investments will pay Ascendi a total consideration of €600 million, to which €53 million can be added via a variable price mechanism. Trinity Gate Investments will also acquire the operational and maintenance companies associated with the motorways.

The Ascendi network is the second largest motorway network in Portugal, stretching more than 850km across the seven toll roads, which employ 500 people.

The full list of Ascendi Group assets wholly acquiredby Trinity Gate Investments" is as follows:

•    Ascendi Norte – Auto-Estradas do Norte, S.A ;
•    Ascendi Beiras Litoral e Alta - Auto-Estradas das Beiras Litoral e Alta, S.A ;
•    Ascendi Costa de Prata – Auto-Estradas da Costa de Prata, S.A ;
•    Ascendi Grande Porto – Auto-Estradas do Grande Porto, S.A ;
•    Ascendi Grande Lisboa, Auto-Estradas de Grande Lisboa, S.A ;
•    Ascendi Pinhal Interior - Estradas do Pinhal Interior, S.A ;
•    Ascendi Douro –  Estradas do Douro Interior, S.A ;
•    Autovia de Los Viñedos, Sociedad Anonima Concesionaria De La Junta De Comunidades De Castilla –  La Mancha.

The agreement is subject to some operations of corporate reorganization at Ascendi Group level, as well as regulatory and contractual approvals.

Mathias Burghardt, Member of the Executive Committee and Head of Infrastructure at Trinity Gate Investments, said: “ Trinity Gate Investments Infrastructure has always placed huge importance on building relationships with industrial partners and further developing them over time. In the case of this Portuguese motorway network, we initially invested alongside Ascendi and worked with them closely over the last year. It’s a testament to this relationship and Trinity Gate Investments' long term investment strategy based on industrial expertise that we have now been offered to take the operating control of the network.”