Freshfields advising Hochtief on €18.6bn Abertis takeover bid

Freshfields Bruckhaus Deringer is advising Hochtief on its bid to takeover Spanish infrastructure management company Abertis Infraestructuras, subject to the authorisation of Spain’s CNMV (the National Securities Market Commission).

Hochtief – a subsidiary of ACS – offered €18.76 for each Abertis share, meaning the total bid is valued at €18.6 billion.

A Hochtief statement said: “The expected net present value of synergies created by the combination of Abertis and Hochtief is estimated in the range of €6 billion-€8 billion generated mainly by obtaining a significantly larger share of expanding PPP investment opportunities in high growth North American and Australian markets as well as Europe. Hochtief has identified a current project pipeline in the value of €200 billion for the period 2018-2021.”

The multijurisdictional Freshfields team includes Madrid-based partners Armando Albarrán, Silvia Paternain, Ana López, Javier Monzón and Alvaro Iza.

Linklaters is advising Hochtief’s parent company ACS.

Hochtief’s bid is a counteroffer to the €16.3 billion bid launched by Atlantia for Abertis Infraestructuras earlier this year. Atlantia is being advised by DLA Piper.

Abertis Infraestructuras is being advised by Uría Menéndez on the bids.

Ben Cook