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
Publications: 18 OCTOBER 2021
The measures on the obligation to possess Green Certification Covid-19 for employees in the public and private sectors taking effect from 15 October 2021.Read more
Publications: 07 OCTOBER 2021
Driven by changing attitudes and economic priorities, Japan remains a powerful outbound investor and is becoming an increasingly popular destination for inbound transactions.Read more
Publications: 04 OCTOBER 2021
Please join us for our 12th annual Energy & Infrastructure seminar series. This series will run from October to December and will provide an opportunity to hear about current trends and developments…Read more
Publications: 19 JANUARY 2021
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…Read more