Washington DC, December 2024. Astris Finance congratulates its clients abrdn, the UK-based global infrastructure investor, and Bestinver Infra, the Acciona-backed fund manager, on the closing of the acquisition of Circuito Vial 3 (“CV3”), the largest road PPP in Uruguay. The consortium formed by abrdn and Bestinver on a 50/50 basis has acquired CV3 from Copasa (80%) and Espina Obras Hidráulicas (20%).

CV3 is a c. 300km essential link between Brazil and Argentina. The road was structured as a PPP by the Ministry of Transport and Public Works (“MTOP”) and awarded to Copasa and Espina back in 2019 for a 20-year term. abrdn and Bestinver are acquiring this strategic asset shortly after completion.

The acquisition of CV3 is a landmark transaction for Bestinver, a first in Uruguay for the group’s infrastructure fund; and an opportunity for abrdn to expand its infrastructure investment portfolio across Latin America.

”We are very pleased to have advised abrdn and Bestinver on this transaction - a closing which speaks to our commitment to stay the course over the long run through M&A processes in the region, and add as much value as possible to our clients’ work along the way" said Romain Papassian, Managing Director for Astris Finance.

“We are excited to have completed the acquisition of CV3, with our partners Bestinver Infra and the invaluable support of Astris. This transaction represents a continuation of abrdn’s strong track record of infrastructure investment in the Americas, and a broadening of our footprint in Uruguay”, said Ivan Wong, Partner, abrdn Concession Infrastructure.

“This transaction, achieved with the very valuable support of Astris, underscores our dedication to exploring high-potential infrastructure opportunities. We remain confident in the growth prospects of the Uruguayan market and look forward to contributing to its development”, said Francisco del Pozo, Head of Infrastructure Funds for Bestinver.

Astris acted as exclusive financial advisor to both abrdn and Bestinver Infra throughout the M&A process, and is currently advising on the refinancing of the asset.

The closing of CV3 demonstrates Astris leading position in the Uruguayan infrastructure market, where we have been active and advised on several landmark transactions over the past few years.