Italian infrastructure group Atlantia has launched a cash-and-share offer for Abertis SA, in a transaction valuing the Spanish company at €16.3 billion ($17.8 billion).
The merger could potentially create the world’s biggest toll-road operator, managing a road network of 8,758 miles in 19 countries from Rome to Santiago.
Completion of the deal is expected by the end of this year.
When approved, Atlantia said it wants to sell a stake of slightly above 4 percent in Cellnex Telecom SA, a wireless tower business controlled by Abertis with a 34 percent holding, according to Bloomberg.