Home > International Directory of Company Histories > Abertis Infraestructuras, S.A. - Consolidated Infrastructure Operations for the New Century

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Consolidated Infrastructure Operations for the New Century

While Aumar remained the focus toll road division of the larger Dragados group, Acesa began a drive to extend beyond toll road operations in the mid-1990s. In 1994, the company drafted new strategic objectives calling for it to become a major Spanish infrastructures group. This led to the group's movement into car parks, with the acquisition of a majority stake in Saba, in 1994, with the remainder held by La Caixa. The construction and operation of logistics area, providing warehousing and related services to the truck market, became another company focus in 1997. Acesa also acquired control of Tradia, which provided infrastructure services to radio broadcasters as well as to the telecommunications market. Acesa continued to build up its stake in Tradia, acquiring full control in September 2003.

By then, Acesa had been radically transformed. The run-up to consolidation among Europe's toll road groups had begun in earnest in the late 1990s as the launch of the new single European currency approached. Many companies began to develop a series of cross-shareholdings with foreign partners. Such was the case with Acesa, which acquired a 10 percent stake in Brisa Auto-Estradas, based in Portugal, in 2002. Brisa in turn purchased a 10 percent stake in Acesa. Earlier, Acesa had also joined a shareholding group including members of the Benetton family, which acquired a 30 percent stake in Autostrade—which acquired 4 percent of Acesa in its turn. Observers saw Acesa international partnerships as a prelude to a possible merger early in the new century.

In the meantime, Acesa had also begun to step up its position in the Spanish market as well. In 2001, the company began acquiring the motorway investments held by its main financial institution shareholders, including La Caixa. As part of this process, Acesa began building up a controlling stake in Autopistes de Catalynya, or Aucat. By 2002, the company had gained full control of Aucat, adding its 60-kilometer concession along the Garraf Pau Casals highway. Acesa also acquired an 8 percent stake in Iberpistas, as well as an agreement to purchase stakes in toll road operator Autema and the concession operating the Túnel del Cadi.

These acquisitions helped raise Acesa's profile, making it Spain's top toll road operator—and placing it in pole position for the soon-to-be privatized road concessions still held by the Spanish government. Yet that position came under threat in early 2002 when Aurea, through Dragados, announced that it had entered talks with Iberpistas to merge the two companies toll road and infrastructures operations. The deal appeared set to go through, until Acesa responded with a higher bid for Iberpista. A bidding war ensued, as Aurea launched a new counteroffer.

Yet in May 2002, the bidding war came to an abrupt end with La Caixa and Dragados—itself under pressure from the ultimately successful hostile takeover attempt by ACS—announced that they had agreed to a merger between Acesa and Aurea, creating a new publicly listed company, Abertis Infraestructuras. The new company became the outright toll road leader in the Spanish market and the third largest toll road operator in Europe. The merger also gave the company a strong international profile, with operations and holdings in Italy, Portugal, Andorra, the United Kingdom, Argentina, Chile, Puerto Rico, Colombia, and Morocco. Following the merger, completed in 2003, Abertis reached an agreement to acquire Iberpistas, a merger which was completed in June 2004.

In the meantime, Abertis continued building up its infrastructure operations. In 2003, the company acquired La Caixa's 39.9 percent stake in Saba, giving Abertis control of 99.1 percent of the Spanish parking garage leader. After withdrawing from the bidding for the privatization of the Spanish government's roadway operator, Ena, Abertis instead turned to boosting its telecommunications infrastructure wing. In September 2003, the company acquired full control of Tradia. That purchase followed on the company's June 2003 purchase of Retevisión Audiovisual, the Spanish leader in television and radio signal transmission infrastructure management, with more than 2,400 sites under its control. As it moved toward the middle of the 2000s, Abertis had positioned itself as a major player in the increasingly global infrastructures market.

1. Introduction
2. Building Spain's Highway System in the 1960s
3. Consolidated Infrastructure Operations for the New Century
4. Principal Subsidiaries
5. Principal Competitors
6. Further Reading
7. Copyright Page
8. About Page