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Modern bridge and road
Modern bridge and road

Roads

Roads are the most basic and one of the most used pieces of infrastructure. Developed countries recognise that road building and maintenance is vital for the continued wellbeing of their economies but also that every year new challenges arrive.

With the year-on-year increases in traffic, the drive for low carbonisation and declining government revenues, many countries are wrestling with the issue of road pricing. Ironically, as increases in traffic have outpaced road construction in the world's developing economies, we expect significant global growth in the road market over the next two decades. Developing economies often have preferences for toll roads for different reasons.

As the ownership of roads has become broader (states, construction companies and infrastructure funds all have significant portfolios), their sales have become more common, whether it is construction companies exiting due to construction having been completed and capital needing to be recycled, or financial constraints making disposals necessary. Whether the roads are toll roads, shadow toll roads or have availability based payment models, the key to efficient legal advice is a deep understanding of the market.

Allen & Overy has considerable experience advising on toll roads, bridges, tunnels and ring roads. We advise sponsors, banks and governments and other parties involved in the sector on project financings (public-private partnerships/private finance initiatives), construction, mergers and acquisitions, funding (equity and debt) and litigation.

We have experience of advising on numerous road projects globally including market-defining transactions in the UK, U.S., Europe and Central and Latin America.

News & insights

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Publications: 08 APRIL 2021

Biden’s infrastructure plan: big ideas, little detail (so far)

With his newly announced American Jobs Plan, the President has taken the first step toward fulfilling a key campaign promise: to spend more than $2 trillion over eight years to modernize America’s…

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Publications: 07 APRIL 2021

Compelling signals from a recovering M&A market

The question at the end of 2020 was whether the strong recovery in M&A activity could be sustained in 2021.

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A row of modern high rise office buildings

News: 06 APRIL 2021

Portsmouth Water’s funding completed to provide vital South East water resource

Allen & Overy (A&O) has advised the borrower on a financing facility that has been secured with the purpose of providing Portsmouth Water with funds to undertake its approved capital programme and…

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aerial shot of motorway

Publications: 19 JANUARY 2021

Public Procurement - The European Court of Justice provides guidance on “self-cleaning” measures in its judgment

In its judgment of 14 January 2021 the European Court of Justice provides guidance on “self-cleaning measures”.  The “self-cleaning” measures were introduced in the 2014 Directives on public…

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