Hogan Lovells advised FCC and Bankia on the sale of their fully owned division Globalvia Infrastructuras to the Malaysian investment fund Khazanah Nasional Berhad.
Linklaters advised Khazanah on the transaction, which was valued at €420 million, according to Mergermarket.
The division was sold for an initial payment of €166 million, which would be followed by a second payment of up to €254 million in 2017.
A Khazanah statement said: “Globalvia´s portfolio of brownfield road and rail infrastructure concessions in Europe and Latin America generate steady and predictable cashflows, with solid long-term returns and yields. The company constitutes an attractive platform for further growth via the potential acquisitions of similar concessions in the future.”