According to Jornal Económico, this deal will be valued at over 200 million euros.

"Igneo has entered into a binding agreement to acquire up to 100% of the stake in two highway concessionaires located in Portugal," Igneo revealed in a statement.

AAVI is the concessionaire, until 2030, of the A22 highway between Lagos and Castro Marim, a 130-kilometer highway.

In turn, AENL holds the concession for the A28 and A27 highways between Porto and Caminha (113 kilometres) until 2031.

"The acquisition of AAVI and AEN is fully aligned with Igneo's strategy of acquiring stable, high-quality infrastructure assets. We have invested in Portugal for the past 10 years and continue to believe in the country's future prospects, with transportation remaining a key investment area for Igneo," said Hamish Lea-Wilson, head of Igneo's Europe division, quoted in a statement.

This is the EDIF III fund's 11th acquisition and is expected to close in the fourth quarter of 2025, subject to regulatory approval.