Vinci Highways, a road infrastructure firm based in Nanterre, France, has agreed to acquire a portfolio of nine Indian toll roads from Macquarie, in a deal valued at US$1.59 billion. 

The Safeway Concessions portfolio comprises toll highway concessions in the states of Andhra Pradesh and Gujarat. The portfolio is being sold by Macquarie Asia Infrastructure Fund 2, which is managed by Macquarie Asset Management.  

The transaction values the portfolio, based on an enterprise value of about 150 billion Indian rupees ( US$1.59 billion ), at a multiple of 15x Ebitda. The final amount of the transaction and the amount of the equity investment will be determined after usual adjustments at the closing date, and finalization of the financial structuring of the deal.  

Vinci Highways, a subsidiary of Vinci Concessions, says acquiring a highway portfolio of this size and quality is a rare opportunity in a fast-growing market, and is in line with its long-term investment strategy in mobility infrastructure.

The company has identified optimization opportunities across the portfolio, both financially and operationally ( operational processes, road safety, and environmental performance ). Further opportunities are expected in toll digitalization as India transitions to a free-flow system.

Vinci already has well-established expertise in the country through its subsidiary ViaPlus, which employs nearly 400 people in Hyderabad. 

The nine concessions total nearly 700 kilometres of highway sections located on key axes of the national network, linking important industrial, agricultural and logistics areas: the sections in Andhra Pradesh are located on the NH-16 corridor, part of the "Golden Quadrilateral" linking Kolkata to Chennai, one of the country's main transport routes. Gujarat's assets serve one of India's most industrialized states. 

The highways are operated under Toll Operate Transfer ( TOT ) contracts with the National Highway Authority of India ( NHAI ), with contractual maturities ranging from 2048 to 2058. The concessionaire is remunerated through toll revenues generated by traffic. 

The transaction is subject to approval by relevant Indian authorities, and financial closing is expected by the end of 2026.