A consortium of Italian transportation group Atlantia, Spanish construction company ACS, and its Germany subsidiary Hochtief achieved a rate of acceptance of 78.79% of the entire issued capital (or 85.6% of the outstanding shares, net of the treasury shares) on its €16.7 billion all-cash offer for the shares of Spain-based toll road operator Abertis Infraestructuras S.A. The acquisition will be funded with about €10 billion debt via a special purpose vehicle above Abertis and pro rata shareholder equity. Despite both Atlantia and Abertis taking on significant additional acquisition-related debt, which we will fully consolidate given Atlantia's control over Abertis, we expect credit-ratio deterioration to be partly mitigated by already-executed sales of minority stakes, planned disposals of Abertis' noncore assets, and
