Igneo to Acquire up to a 100% stake in Auto-estrada do Algarve Via do Infante (‘AAVI’) and Auto-estradas Norte Litoral (‘AENL’)
All Press releasesLisbon, Portugal, 30 September 2025 – Igneo Infrastructure Partners (‘Igneo’), a global infrastructure investment manager, has entered into a binding agreement to acquire up to a 100% stake in two road concessionaires located in Portugal: Auto-estrada do Algarve Via do Infante (“AAVI”) and Auto-estradas Norte Litoral (“AENL”), from funds managed by CVC DIF.
AAVI is the concessionaire of the A22 between Lagos and Castro Marim in the South of Portugal. The concession expands on 130km of road network and ends in May 2030. AENL is the concessionaire of the A28 and A27 running along the northern coast of Portugal (113km), between the country’s second largest city, Porto and Caminha. The concession ends in September 2031. Traffic volume consists of a combination of commuters, tourists and business-related traffic. This transaction is an add-on to grow Auto-Estradas do Douro Litoral’s (‘AEDL’) network and which will become the third largest toll road operator in Portugal with a combined 322km of tolled roads in the north and south of Portugal.
“The add-on acquisition of AAVI and AENL is fully aligned with Igneo’s strategy to acquire high-quality, stable mid-market infrastructure assets. We have invested in Portugal over the last ten years and continue to believe in the country’s future prospects with transportation remaining a key investment area for Igneo.”
- Hamish Lea-Wilson, Partner and Head of Europe at Igneo.
“We are delighted with this synergetic and value-accretive acquisition of AAVI and AENL in addition to the acquisition of AEDL last year. The networks are critical transport links with long-standing operational track record and stable concession frameworks, and we trust the three assets will benefit from greater diversification and operational synergies.”
- Maria Luisa Castro, Managing Director at Igneo.
This is the eleventh acquisition by EDIF III and is expected to close in Q4 2025, upon receipt of the customary antitrust approvals and regulatory consents.
About Igneo Infrastructure Partners
Igneo is an autonomous investment team in the First Sentier Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation / logistics sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management.
Igneo manages US$29.7 billion worth of assets (as at 30 June 2026) on behalf of more than 200 investors around the world.
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In Hong Kong, this press release is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong. In Singapore, this press release is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This press release has not been reviewed by the Monetary Authority of Singapore.
First Sentier Investors, FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners are the business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B), FSSA Investment Managers (registration number 53314080C), Stewart Investors (registration number 53310114W), Realindex Investments (registration number 53472532E) and Igneo Infrastructure Partners (registration number 53447928J) are the business divisions of First Sentier Investors (Singapore).
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