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
News: 26 NOVEMBER 2019
Allen & Overy has advised a consortium involving Aberdeen Standard Investments, BAM PPP PGGM, Cintra, Macquarie and SK Group in connection with the design, building, financing, maintenance and operation of the Silvertown Tunnel, a twin-bored tunnel under the River Thames between the Greenwich peninsula and Silvertown. Through the ownership by the consortium of RiverLinx Limited, Silvertown is being developed as a public-private partnership with TfL.Read more
News: 23 OCTOBER 2019
Allen & Overy advised the APCA Transmimetro consortium, comprised of China Harbour Engineering Company and Xi’An Metro Company, in their successful bid for the Bogotá Metro project. Over the course of the next 20 years, this project will establish the first sophisticated metro system in Bogotá stretching from Bosa to Chapinero, catering to more than one million passengers per day.Read more
News: 15 OCTOBER 2019
Allen & Overy today announces the bolstering of its project finance and public law expertise in Italy with two counsels: Luca Amicarelli and Nunzio Bicchieri.Read more
Publications: 04 OCTOBER 2019
A&O has marked the end of Q3 2019 with an outstanding performance in the M&A league tables; the result of advising on a number of complex, high-value transactions in a wide range of sectors and markets, around our global network in 2019.Read more