Atlas Arteria has entered negotiations to sell its Warnow Tunnel toll road in Germany for up to $188 million in cash, a strategic move designed to thwart a hostile takeover attempt by IFM Investors.
The infrastructure company is attempting to restructure its asset base to make an immediate acquisition less attractive to the Australian superannuation fund, which has been pushing for control of the firm.
The proposed divestment represents a significant shift in Atlas Arteria's portfolio strategy, as it looks to raise liquidity and potentially reduce leverage ahead of a potential change in ownership.
By offloading a core European asset, the company may be seeking to create financial friction for IFM, forcing the bidder to reconsider its valuation or timeline.
However, such a sale could also be viewed by shareholders as a defensive measure that undervalues long-term infrastructure holdings.
IFM Investors has been active in the Australian infrastructure sector, seeking to consolidate its position in toll roads and renewable energy assets.