Deals
Benettons, ACS Declare Truce With $23 Billion Deal for Abertis
- Rival suitors Atlantia, ACS to buy Spanish toll-road operator
- ACS’s German arm to go ahead with offer of EU18.36 a share
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An eight-month battle for control of Abertis Infraestructuras SA ended with rival Italian and Spanish suitors agreeing to buy the toll-road operator together for 18.22 billion euros ($22.5 billion).
Under the deal unveiled Wednesday, Madrid-based ACS will go ahead with a cash offer of 18.36 euros a share through its German arm. The Benetton family’s Atlantia SpA will withdraw its competing and lower bid, and when the transaction is complete, gain control of Abertis, a Spanish operator of highways. The accord is subject to Atlantia getting approval from its board and financing, it said in a statement.