Abertis, Brookfield bid to buy out rest of Brazil motorways business: Reuters

(Reuters) – Spanish infrastructure group Abertis said on Friday it was launching an offer to buy out the listed shares in its Brazilian motorways operator Arteris, alongside its partner, a unit of Canada’s Brookfield Asset Management.

Abertis and Brookfield Brazil Motorways Holdings already have a 69 percent stake in Arteris, which operates some 3,250 kilometres of highways in the South American country, through their joint venture Participes en Brasil.

Abertis said in a statement that the bid to buy out other shareholders, who make up nearly 31 percent of Arteris’ capital, would be set at 10.15 Brazilian reais (US$3) per share, valuing the offer at around 1.1 billion reais, or 320 million euros (US$360.61 million).

The Spanish firm said the offer represented a 30 percent premium over Arteris’ average weighted share price over the past 30 days. The shares are down sharply since the 16-18 reais they traded at in mid-2014.

The stock closed at 8.2 reais on Thursday.

(Reporting by Robert Hetz, Writing by Sarah White. Editing by Jane Merriman)

Photo courtesy of Arteris