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DC Advisory advises Swiss Life Asset Managers on its acquisition financing for an additional stake in Itínere Infraestructuras

Background

  • Itínere Infraestructuras is a leading Spanish infrastructure management company
  • Itínere operates five toll roads across Northern Spain, covering approximately 470 kilometres. Itínere also holds the concession agreement for managing the operation, maintenance and conservation of a further 55 kilometers toll road in the same region
  • Itínere’s portfolio of toll roads provides critical connectivity across northern Spain
  • Swiss Life Asset Managers (SLAM), a leading global infrastructure investor, acquired a 25% shareholding in Itínere in January 2025 with the option to increase its ownership to 37.6%

Process

  • DC Advisory was appointed as sole financial advisor by SLAM in relation to raising financing to part-fund its acquisition of an additional stake in Itínere
  • DC Advisory led the financing process, which involved multiple detailed workstreams including financial modelling, debt structuring, hedging, and assisting with documentation negotiation
  • DC Advisory ran a comprehensive financing process, engaging various sources of liquidity across the bank and institutional markets

Outcome

  • In November 2025, SLAM raised financing to support their acquisition of an additional stake in Itínere
  • The financing consists of an acquisition term loan as well as a debt service reserve facility to provide additional liquidity
  • The financing was secured from a club of banks and institutions on competitive terms
  • This transaction reinforces DC Advisory’s experience in the transportation and toll road sector, and further demonstrates DC Advisory’s expertise in advising on acquisition financing processes

What to read next

Date
Sectors
  • Infrastructure
Deal type
  • Debt Advisory & Restructuring
Deal locations
Spain
Deal team
Co-Head of DC Advisory’s Global Infrastructure Group
Managing Director
UN SDG Activity
  • GOAL 9: Industry, Innovation and Infrastructure
Actions
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