• Brisa – Auto-Estradas de Portugal, S.A. (Brisa) is a leading European toll road platform with a network of over 1,500km covering the fundamental axis of the Portuguese road system
  • The network includes 21 motorways, with over 7.5 million customers driving on the roads per year
  • DC Advisory (DC) was mandated by APG, NPS and SwissLife (the Consortium) to provide debt advisory services in relation to the acquisition of 81.1% of Brisa
  • DC has a very deep and thorough experience in raising financing for transportation assets through a number of previous transactions, including advising APG, QIC and SwissLife on the financing for the acquisition of a 36% stake in Brussels Airport


  • DC ran a comprehensive financing process, engaging various sources of liquidity in order to secure a competitive acquisition financing package meeting the needs of the Consortium
  • DC assisted with a number of detailed work streams, including financial modelling, business planning and due diligence, while leading on debt structuring and full documentation negotiations in order to address a number of key objectives:
    • Establish a flexible financing structure which could meet the business plan requirements
    • Secure favourable pricing and terms in a volatile market


  • The Consortium’s bid was successful and the transaction signed in April 2020
  • DC was able to deliver a market-leading outcome for the Consortium on a very complex acquisition process in the midst of turbulent market conditions:
    • Secured a subordinated certain funds financing in the midst of the COVID-19 peak in Europe
    • Established a sustainable long term MidCo financing package
    • Designed an attractive covenant suite to fit the business plan
    • Reduced financing risk with a tailored repayment profile, and on favourable terms reflective of strength and stability of the Asset