Mota-Engil increases its stake in Lusoponte to 50.7%

  • ECO News
  • 12 July 2021

The construction company increases its stake in the concessionaire that controls the 25 de Abril and Vasco da Gama bridges to 50.7%. The remaining 49.3% is held by Vinci Highways.

Mota-Engil will exercise their right of preference to acquire part of the stake in Lusoponte put up for sale by Atlantia, according to ECO. With this acquisition, the construction company will increase its stake in the concessionaire that operates the 25 de Abril and Vasco da Gama bridges to 50.7%. Vinci Highways, which has also exercised the same right, held the remaining 49.3%.

The 17.21% of Lusoponte held by Atlantia through Autostrade Portugal will ultimately be controlled by the two main shareholders. The Italian company had agreed to sell its stake to MM Capital Partners, a subsidiary of Japanese conglomerate Marubeni, for €55.7 million. But the deal depended on the two largest shareholders, Lineas (Mota-Engil) and Vinci Highways, not exercising their right of preference in the acquisition. This turned out to be the case.

According to what ECO has learnt from a source linked to the process, the Portuguese construction company has exercised this right and will pay €28.24 million to buy an additional 8.72% of the capital, thus getting a 50.7% stake in the concessionaire of the 25 de Abril and Vasco da Gama bridges. The Vinci group company has also exercised its right of preference, as reported by Jornal de Negócios last week.

Vinci Highways will pay 27.46 million for 8.48% of Lusoponte, increasing its stake to 49.3%. The French group also holds the concession for Humberto Delgado airport and future infrastructure in Montijo, whose construction is pending strategic environmental assessment.

The acquisition’s final value may be even higher. To the sums already mentioned may be added a global addition of up to €5 million, provided for in an earn-out mechanism, upon compliance with certain conditions, which were not disclosed.

Mota-Engil and Vinci had already exercised, in 2018, the right of preference in the sale of 7.5% of Teixeira Duarte to Companhia de Investimento China-Portugal Global for €23.3 million.