Vinci Highways has announced the signing of an agreement with Macquarie Asia Infrastructure Fund 2 to acquire the Safeway Concessions portfolio, which includes nine toll highway concessions in the Indian states of Andhra Pradesh and Gujarat.
These nine concessions total nearly 700 kilometers of highway sections located on strategic national network routes, connecting major industrial, agricultural, and logistics hubs.
The sections in the state of Andhra Pradesh, part of the Golden Quadrilateral linking Kolkata to Chennai, are situated on the NH-16 corridor, one of the country's primary transport arteries. The assets in Gujarat serve one of India's most industrialized states.
These highways are operated under Toll Operate Transfer (TOT) contracts, with maturities ranging from 2048 to 2058. The concessionaire is remunerated based on traffic volume through toll collection.
At this stage, Vinci Highways has identified optimization levers within the portfolio in both financial and operational areas, as well as opportunities for toll digitalization in anticipation of a transition to a free-flow system.
The construction and concessions group specified that the transaction values Safeway Concessions at an enterprise value of approximately 150 billion Indian rupees (1.38 billion euros), representing a multiple of around 15 times EBITDA.
The final amount of the transaction remains to be determined following the completion of the financial structuring. This transaction is subject to approval by the relevant Indian authorities, with financial closing expected by the end of 2026.
VINCI is the world leader in construction, concessions and related services. Net sales (including intragroup) break down by activity as follows:
- design and construction of infrastructure (42.8%; VINCI Construction): primarily in the fields of building, civil engineering and hydraulics. In addition, the group is developing a business in the construction, renovation and maintenance of transport infrastructure (roads, freeways and railroads; Eurovia), in the production of aggregates (No. 1 in France) and in urban development;
- design, execution, and maintenance of energy and telecom infrastructures (39.4%; VINCI Energies and Cobra IS);
- sub-contracted infrastructure management (16.3%; VINCI Concessions): primarily managing roads and highways (mainly through Autoroutes du Sud de la France and Cofiroute), parking areas, airport activities;
- other (1.5%): primarily property development (residential properties, business properties, managed residences and property services).
Net sales are distributed geographically as follows: France (41.3%), the United Kingdom (9.9%), Germany (8.7%), Spain (5.1%), Europe (14.6%), North America (7.3%), Central and South America (5.8%), Africa (2.3%) and other (5%).
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