Overview
Eiffage (EPA:FGR) disclosed that it has entered exclusive negotiations with Atlas Arteria to acquire the Warnow Tunnel, a German toll‑road asset. The company indicated a prospective transaction value ranging from €100 million to €115 million, which equates to roughly nine to ten times the tunnel’s projected fiscal‑2025 EBITDA of €11.5 million. The expected €11.5 million EBITDA contribution is modest relative to Eiffage’s existing concessions business, which generated €2.7 billion in EBITDA, and would slightly extend the duration of the group’s concessions portfolio while adding exposure to inflation‑linked infrastructure.
Following the announcement, Eiffage shares declined 1.5 percent in market trading. Citi noted that the transaction aligns with Eiffage’s broader concessions strategy of steady portfolio build‑out, duration extension, and enhanced cash‑flow visibility, characterising the deal as positive but financially marginal. Analysts described the acquisition as a traffic‑risk asset priced fairly for its size and risk profile.