Share in motorways company Brisa up for sale

Three infrastructure funds and a motorway operator are preparing offers to buy a share in Brisa which controls a network of toll motorways in Portugal.

According to Reuters, there are at least four interested parties who want to buy 20% of the capital of the company headed by Vasco de Mello and which is being sold by Arcus Infrastructure Partners.
The French group Ardian and the Australians Macquarie and IFM are the funds that are preparing tenders. Also interested is the Spanish group GlobalVia.
The interest for the would-be purchasers is to broaden their asset portfolios and reinvest cashflow surpluses from their own businesses in the Portuguese company against a backdrop of low interest rates and narrowing yields.
Brisa has been valued at between €4Bn and €5Bn (including debt).
Arcus, a British company, is working with Morgan Stanley and bank BCP to sell its 20.7% share. But in order for the Spanish company GlobalVia to secure the deal, other investors would also have to sell since the Spanish company is interested in buying up all of the capital share.
It is not clear if the Jose de Mello Group, which is represented by Rothschild would also sell its stake.