Infrastructure Investments

Sanef

Activity:

SANEF is the third largest motorway operator in France and the forth-largest in Europe. It manages two motorway concessions: SANEF, a motorway network of 1,375 kilometres (854 miles) situated in northern and eastern France, and SAPN, a network of 368 kilometres (229 miles) linking Paris to Normandy. The Group has a turnover of de 1.2 thousand million euros and employs close to 3,600 persons.

History:

AXA has invested in SANEF along with the Spanish Group Abertis and other financial investors (Caisse des dépôts et consignation, Predica, FFP) upon privatisation of motorway concession companies by the French government, launched in June 2005.
AXA has a 9.9% equity stake in HIT (Holding d’Infrastructures de Transport - Transport Infrastructure Holding), the structure created by Abertis and its partners to carry out this investment.

Strategy:

Operational piloting of SANEF is assured by Abertis. SANEF has a mature network including few new investments. AXA Private Equity’s strategy is to participate in the stable core of investors in the long term, brought together by Abertis in HIT, while assuring that this asset generates each year a satisfactory return for investors and that the objectives defined by the partners in the original business plans are attained.