APG

APG: Advising one of the world’s largest independent pension fund managers on a major acquisition and subsequent sale

APG

Undisclosed

Acquisition of 40% stake in Itínere


Sole Financial Advisor

POWER | OCTOBER 2024

In October 2024, Jefferies acted as Sole Financial Advisor to APG on the acquisition of Globalvia’s 41% stake in Itínere Infraestructuras. This leading Spanish infrastructure company manages five toll-road concessions totaling 525 kilometers.

APG’s acquisition of the stake in Itínere from Globalvia raised its total ownership of the firm to 96%. It ended longstanding disputes between APG and Globalvia over Itínere’s shareholdings, marking a significant positive outcome for all involved.

Two months later, Jefferies was also the Sole Advisor for APG’s separate sale of a significant stake to Swiss Life Asset Management, setting a clear path forward for a stable, long-term-focused shareholder base.

These represented some of the largest post-pandemic transactions in the European toll road sector, highlighting the strength of Jefferies’ Transport Infrastructure practice. Jefferies worked alongside APG in four announced M&A deals in 2024, demonstrating the strength of Jefferies’ Transport Infrastructure Practice and the trust we elicit from high-profile institutional clients.

About APG

APG Group is the world’s largest independent pension fund manager, representing over 30,000 employers and 4.5m participants in the Netherlands, with offices in Amsterdam, Heerlen, New York, and Hong Kong. On behalf of its clients, APG has been an active infrastructure investor since 2004, investing across energy and utilities, digital infrastructure, and transport.

About Itínere

Itínere Infraestructuras is a leading Spanish infrastructure management company operating primarily in northern Spain. The Company benefits from the longest average remaining concession life in Spain, well-established concession contracts with low future capex requirements, and a robust regulatory framework.