Itínere Infraestructuras is a leading Spanish infrastructure management company
Itínere operates five toll roads across Northern Spain, covering approximately 470 kilometres. Itínere also holds the concession agreement for managing the operation, maintenance and conservation of a further 55 kilometers toll road in the same region
Itínere’s portfolio of toll roads provides critical connectivity across northern Spain
Swiss Life Asset Managers (SLAM), a leading global infrastructure investor, acquired a 25% shareholding in Itínere in January 2025 with the option to increase its ownership to 37.6%
Process
DC Advisory was appointed as sole financial advisor by SLAM in relation to raising financing to part-fund its acquisition of an additional stake in Itínere
DC Advisory led the financing process, which involved multiple detailed workstreams including financial modelling, debt structuring, hedging, and assisting with documentation negotiation
DC Advisory ran a comprehensive financing process, engaging various sources of liquidity across the bank and institutional markets
Outcome
In November 2025, SLAM raised financing to support their acquisition of an additional stake in Itínere
The financing consists of an acquisition term loan as well as a debt service reserve facility to provide additional liquidity
The financing was secured from a club of banks and institutions on competitive terms
This transaction reinforces DC Advisory’s experience in the transportation and toll road sector, and further demonstrates DC Advisory’s expertise in advising on acquisition financing processes
