Horizon and RiverRock have acquired an 89.2% stake in Euroscut Azores, enhancing their infrastructure portfolios in Portugal's growing transportation sector.

Information on the Target

Horizon and RiverRock have successfully acquired an 89.2% stake in Euroscut Azores, a strategically important shadow toll road located on São Miguel Island in the Azores, Portugal. Horizon Equity Partners, through its Follow-On Fund, obtained a 65% stake, while RiverRock secured a 35% stake in the venture. This acquisition was finalized after meeting all contractual conditions set in June 2023.

Euroscut Azores operates a 93-kilometre motorway that has been functioning since its construction in 2011. The concession agreement for the road runs until 2036, marking it as one of the largest infrastructure projects established in the Azores. The toll revenues generated from this road utilize a shadow-toll model, whereby the concessionaire invoices the Autonomous Region of Azores, with revenues adjusted according to inflation rates.

Industry Overview in Portugal

The infrastructure sector in Portugal has experienced significant advancements, with both the public and private sectors investing heavily in the development of transport net