CVC DIF to divest Portuguese highway concessions to Igneo Infrastructure Partners

CVC DIF to divest Portuguese highway concessions Norte Litoral and Algarve to Igneo Infrastructure Partners

• During CVC DIF’s ownership, both concessions delivered stable performance and resilient cash flows, driven by active operational management by CVC DIF’s local investment team.
• The transaction reflects CVC DIF’s strong focus on realising value for its investors, supported by the expertise of its dedicated Divestments team.

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that it has agreed to sell its interests in the Portuguese highway concessions Norte Litoral and Algarve to Igneo Infrastructure Partners.

The Norte Litoral concession covers the A27 and A28 highways (113km) and runs until 2031, while the Algarve concession covers the A22 highway (133km) which expires in 2030. Both operate under availability-based public-private partnership models with a revenue-sharing component, providing predictable, inflation-linked cash flows.

CVC DIF first invested in these concessions in 2017, later consolidating its position in 2020. Under CVC DIF’s ownership, the projects delivered stable operational performance and resilient cash flows, further enhanced by active operational involvement through effective governance at board level. Portugal remains an attractive market for CVC DIF, which will continue to seek new investment opportunities in the country.

Andrew Freeman, Partner and Head of Divestments at CVC DIF: “This transaction is a strong example of CVC DIF’s differentiated exit capability – delivering value from mature concessions, in a market where successful realisations require selectivity, preparation and timing. It highlights our ability to match divestments with the right long-term owner while continuing to generate distributions for our investors."

Closing of the transaction is subject to customary approvals. CVC DIF’s investments in Norte Litoral and Algarve are held through the DIF Infrastructure IV, DIF Infrastructure VI funds and DIF IV co-investment vehicles.

CVC DIF was advised on the transaction by Santander (financial) and CS Associados (legal).