Eiffage Announces Exclusive Acquisition Talks for Germany’s Warnow Tunnel
Eiffage (EPA:FGR) disclosed that it has entered exclusive discussions with Atlas Arteria to acquire the Warnow Tunnel, a German toll‑road asset. The company’s press release states that the contemplated transaction is priced between €100 million and €115 million. This valuation corresponds to approximately nine to ten times the tunnel’s projected fiscal‑2025 EBITDA, which is estimated at €11.5 million.
The expected EBITDA contribution of €11.5 million represents a modest addition to Eiffage’s existing concessions portfolio, which generates roughly €2.7 billion in EBITDA. Consequently, the acquisition would only slightly extend the overall duration of the group’s concessions business while allocating capital to European infrastructure that is linked to inflation.
Citi commented that the proposed deal is consistent with Eiffage’s broader concessions strategy, emphasizing steady portfolio build‑out, duration extension, and enhanced cash‑flow visibility. However, the bank also noted that the transaction is financially marginal, given the small scale of the asset relative to the group’s total concessions business. Analysts view the Warnow Tunnel as a traffic‑risk asset that is being acquired at a fair valuation relative to its size and risk profile.
No further financial commitments, regulatory approvals, or closing timelines were disclosed in the announcement.