• Located in the French region of Normandy, the A88 is a 2x2 lanes toll road of 44km connecting Falaise (Calvados) to Sées (Orne)

  • Alicorne, which was awarded the A88 motorway concession for the 2008-2063 period, had successfully delivered the construction project of the Northern section of the motorway in August 2010. The project was completed two months ahead of schedule

  • The A88:

    • Greatly facilitates access to the tourism areas of Normandy;

    • Significantly improves the link between Normandy’s inland and coastal areas; and

    • Optimises transportation to and from the port regions of Caen-Ouistreham and Cherbourg. The average annual daily traffic reached over 13,000 vehicles per day in 2019, of which 86.5% for light vehicles and 13.5% for heavy vehicles.


  • DC Advisory (DC) was mandated as sole financial advisor to Banque des Territoires and Egis for the disposal of their stakes representing 49.9% of Alicorne’s capital

  • DC conducted a tailored process, with both a targeted approach involving a limited number of investors and the consultation of existing shareholders


  • In December 2019, APG entered into a binding agreement with Banque des Territoires and Egis. APG, already a shareholder of Alicorne, thus increases its share from 31.5% pre-transaction to 81.3%. The transaction was closed in March 2020

  • The successful outcome of this transaction illustrates DC's strong expertise in the infrastructure sector