Ardian, an investment and management company, entered into an agreement regarding the sale of a portfolio of assets amounting to more than one billion Euros, as a result of an auction process won by APG.

The portfolio comprises infrastructure assets from Ardian's second generation infrastructure funds, which closed in 2007. The transaction follows Ardian's undertaking, at the creation of the fund, to explore liquidity options for investors after the ten-year mark. The portfolio comprises high quality strategic assets: the Italian gaz supplier 2i Rete Gas, the French high speed line Lisea, the Spanish highway Trados M-45, the French network of rail telecommunication Synerail, companies specialised in renewable energy (the French company Kallista Energy, and the Italian company 3 New & Partners), the French highway A88 and the Italian hospital HISI Legnano.

Clifford Chance acted as buy-side advisor with, in Paris, a team led by Benjamin de Blegiers and Gilles Lebreton, partners, Marine Jamain and Thierry Diouf, associates, for the M&A aspects. Chloé Desreumaux and Nina Yoshida, associates, took part in the operation for the financing parts while the public law aspects have been handled by Gauthier Martin, counsel, and Clément Fricaudet, associate. The Clifford Chance Madrid team consisted of Samir Azzouzi, Enif Lobelos, José Luis Zamarro and Melchor Álvarez de Mon. Umberto Penco Salvi, from the Milan office, advised on the Italian aspects.