IFM Investors → Atlas Arteria
completedIFM Investors launched a hostile takeover of toll-road operator Atlas Arteria, raising its offer to A$5.10/share (A$7.4bn) and ultimately closing with 67.43% of the register.
IFM, an infrastructure investor owned by Australian industry super funds, wanted Atlas Arteria's portfolio of toll roads in the US, France, and Germany as long-life, inflation-linked assets that suit superannuation-style investors who want steady returns over decades.
Atlas Arteria's own independent directors recommended shareholders reject the offer throughout, backed by an independent expert valuation of A$5.39-A$6.20/share, arguing IFM's price undervalued the company — but enough shareholders sold in anyway for the bid to succeed.
Atlas Arteria shares jumped 15.5% to A$5 on IFM's initial offer in April 2026. After IFM secured a majority stake in July, shares held steady at the A$5.10 offer price.
Atlas Arteria's board and independent expert Kroll argued the offer undervalued the company at A$5.39-6.20/share. Separately, Atlas paid Ontario Teachers' Pension Plan A$145m to remove an unrelated change-of-control clause tied to its Chicago Skyway asset during the process.
Deal mechanics
Not publicly disclosed
Not publicly disclosed
On-market cash offer via Diamond Infraco 1 Pty Ltd (a subsidiary of the IFM Global Infrastructure Fund), raised from an initial A$4.75 to a best-and-final A$5.10/share
IFM's price implied roughly 10x EV/EBITDA by one analyst's estimate, well below Atlas Arteria's trailing EV/EBITDA of about 27x — though the two aren't directly comparable given differing concession-life assumptions
Not publicly disclosed
IFM Global Infrastructure Fund capital, an unlisted fund backed by Australian industry super funds