Orrick Advises AXA IM Alts and Crédit Agricole Assurances on Disposal of Stake in Atlandes to Abertis

Version Française : Orrick conseille AXA IM Alts et Crédit Agricole Assurances sur la cession de leur participation dans Atlandes à Abertis

Orrick has advised AXA Investment Managers Alts (acting on behalf of its clients) and Crédit Agricole Assurances on the conclusion of an agreement for the disposal of their 51.22% stake in Atlandes, the concession company for the A63 highway in the southwest of France, to Abertis Infraestructuras, S.A.

The A63 is a 104-kilometer highway in the southwest of France that connects Bordeaux to the Spanish border and includes two toll stations. The highway, which is under concession from the State, has been operational since 2011. It is a strategic route between the Iberian Peninsula and the rest of Europe, with 80% of the trucks traveling on the A63 being international vehicles.

The transaction is expected to close during the third quarter of 2025, subject to obtaining regulatory approvals.

Orrick previously advised AXA IM Alts and Crédit Agricole Assurances on the acquisition of InfraRed's stake in Atlandes in 2016 and then DIF's stake in 2019.

The Orrick team advising AXA IM Alts and Crédit Agricole Assurances comprised:

• Patrick Tardivy (Partner), Marine Jamain (Partner) and Marc Diab Maalouf (Senior Associate) on the corporate / M&A aspects;
• Patrick Hubert (Partner) and Maxence Jonvel (Senior Associate) on the competition law aspects; and
• Geoffroy Berthon (Partner), Benoit Feroldi (Managing Associate) and Lek Regjepaj (Associate) on the public law aspects.