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Abertis Infraestructuras, S.A. - Building Spain's Highway System in the 1960s

Building Spain's Highway System in the 1960s

Formed through the merger of Acesa and Aurea, followed by the absorption of Iberpistas in 2003, Abertis represented the combination of nearly 40 years of road-building in Spain. Acesa started out as Autopistas, Conceionaria Española SA, and was founded in 1967 in order to build Spain's first toll road, the highway linking Montgat and Mataró. Based in Barcelona, Acesa became a major regional player, constructing nearly 550 kilometers of roadway, including the Jonquera-Salou segment, the Maresme coastal road, and the link through the Ebro corridor to Zaragoza.

Acesa, which came under control of the La Caixha insurance group, also expanded through a series of mergers and acquisitions, such as the 1979 absorption of Aecasa, which extended Acesa's network to include the toll road linking Montmeló and El Papiol. In 1984, Acesa grew again, acquiring the motorway operations of Acasa. That acquisition permitted Acesa to extend its network from Zaragoza to the Mediterranean.

Elsewhere in Spain, a number of other companies were steadily completing the country's roadway grid. Construction leader Dragados had entered the road-building market in the mid-1960s, based on its experience paving runways for the country's airports. The company's first concession in Spain was awarded in 1967, for the construction of a toll road connecting Seville and Cadiz. Dragados later emerged as a major force in the Spanish and international infrastructures market, completing more than 2,500 kilometers of highways, including toll roads, as well as more than 4,000 kilometers of other roadways, among other projects. Dragados also became active in a number of other concessions markets, including the award of the management contract for Colombia's Eldorado Airport in 1995.

Dragados began shifting its strategy in the late 1990s, seeking to reduce its reliance on construction and instead focus on its other fast-growing operations, such as its Services divisions, and also to broaden its international operations. As part of this effort, Dragados spun off parts of its concessions business, including its Spanish toll road operations, into a merger with another major Spanish toll road operator, Aumar, in 2000, creating Aurea Infraestructure e Concessions.

Founded in 1971, Aumar, or Autopistas del Mare Nostrum, began construction on the first of two toll road concessions, linking Tarragona and Valencia, in 1974. Following the completion of that first section, the company completed the successive segment, joining Valencia with Alicante. By 1985, the full length of the company's concessions had been completed, bringing the toll road to the French border. In 1986, Aumar purchased another toll road operator, Bética de Autopistas. Following its merger with Dragados's toll road business, the company reincorporated as the publicly listed Aurea. Dragados remained the company's largest shareholder, with 36 percent of its stock.

The third member of the later Abertis was Iberpistas. Owned by four families, Iberpistas originated as part of Canales y Túneles SA, which was awarded the concession to build the roadway link between Villalba and Adanero. After launching construction of the 70-kilometer highway, Canales y Túneles transferred the construction, management, and maintenance concession to a new structure, Ibérica de Autopistas, which became more popularly known as Iberpistas. That company later received the concession to operate the toll road between Bilbao and Zaragoza, including more than 300-kilometers of roadway. In 2000, Iberpistas extended its total roadway concession through the acquisition of Autopista Vasco Aragonesa, or Avasa. This acquisition positioned Iberpistas as the country's fourth largest toll road operator with a 600-kilometer network under its control.