Abertis takes over 100% of the Vallvidrera and Cadí tunnels

BarcelonaAbertis will control 100% ownership of the Vallvidrera and Cadí tunnels in Catalonia. The infrastructure concessionaire has reached an agreement with the French company Crédit Agricole Assurances to purchase 49.99% of the company that operates them, called Túneles de Barcelona i Cadí, of which it previously controlled the other half (50.01%) through its subsidiary Autopistas. The company that operates these Catalan road arteries generated revenues of €69 million in 2024 through tolls paid by users. In total, the two infrastructures comprise the 46 kilometers of road that include the Vallvidrera tunnels, the highway that crosses the Collserola mountain range to connect Barcelona and Sant Cugat del Vallès, and the Cadí tunnel, the expressway that links the Berguedà and Cerdanya regions beneath the Moixer mountain range. Túneles de Barcelona y Cadí is, therefore, the concessionary company responsible for maintaining and operating the tunnels, tracks, and access roads. The management contract began in 2013 and is scheduled to end in 2037, after 24 years. Abertis has explained that this operation strengthens its position in a strategic market like Spain. "Together with the latest acquisitions made this year, this represents a new milestone in achieving the group's strategy of maintaining a diversified and balanced portfolio," the concessionaire stated in a press release this Thursday.

Shareholder Changes

Crédit Agricole acquired a stake in the company in 2020, when it purchased the shares held by the French investment fund Ardian. Previously, both infrastructures had been directly managed by the Generalitat (the Catalan government), which sold them for €430 million in 2012, at the height of the financial crisis and budget cuts, when public administrations—and particularly the Catalan government—had to generate extraordinary revenue by selling assets. Initially, the Brazilian bank BTG Pactual controlled 65% of the shares and Abertis 35%, but the South American entity sold its stake to Ardian, which subsequently sold parts of its shares back to Abertis until the latter held more than half.