White & Case Advises Consortium on Acquisition of Controlling Stakes in Hungarian Motorway Concessions | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Consortium on Acquisition of Controlling Stakes in Hungarian Motorway Concessions

White & Case Advises Consortium on Acquisition of Controlling Stakes in Hungarian Motorway Concessions

Global law firm White & Case LLP has advised a consortium that comprises Aberdeen Asset Management, Intertoll and the European Bank for Reconstruction and Development (EBRD) on its acquisition of controlling stakes in two Hungarian motorway concession companies.

The consortium is acquiring 80 percent of M6 Duna Autópálya Koncessziós Zrt and 90 percent of M6 Tolna Autópálya Koncessziós Zrt, in a joint transaction where leading Austrian real estate developer UBM Development AG (through its subsidiary PORR Infrastruktur Investment AG) and Bilfinger Project Investments GmbH, are each selling identical stakes.

"This complex transaction involved White & Case lawyers in a number of jurisdictions and practice groups," said Paris-based partner Victoria Westcott, who co-led the Firm's deal team. "We have advised both EBRD and Intertoll on a number of transactions in recent years, and this deal was also a good opportunity to build our relationship with Aberdeen Asset Management."

London partner John Cunningham, who co-led the deal team, said: "This transaction is another example of what White & Case does best – advising clients on complex, cross-border matters. It also highlights our strength and capabilities in the infrastructure M&A space, a significant area of focus and growth for the Firm in which we've added further strength with the recent addition of partner Caroline Sherrell in London."

Aberdeen Asset Management is a global investment management group which manages assets for both institutional and retail clients worldwide. Intertoll Europe is an independent global PPP motorway infrastructure developer, road operator and tolling solutions provider, with its European head office in Budapest, Hungary. It currently operates in Europe, Africa and the US and is owned by Group Five Limited, one of Africa's largest construction groups, and quoted on the Johannesburg Stock Exchange. EBRD is an international financial institution founded in 1991. As a multilateral investment bank, the EBRD uses investment as a tool to build market economies. The bank is active in more than 30 countries stretching from Morocco to Mongolia and Estonia to Egypt and leverages its investments with policy dialogue and advisory services. The EBRD is owned by 64 countries, the European Union and the European Investment Bank.

The White & Case team which advised on the transaction was led by partners Victoria Westcott (Paris) and John Cunningham (London) with support from associates Olivier le Bars, Boris Kreiss, Elaine Porter, Kenza Bounjou (all Paris), Tom Cambidge and Jee Ha Kim (both London).

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