The Portuguese Competition Authority (Autoridade da Concorrência – AdC) has received prior notification of a concentration operation involving Brisa – Auto Estradas de Portugal, S.A. (“Brisa”) acquiring exclusive control over Via Verde Portugal – Gestão de Sistemas Eletrónicos de Cobrança, S.A. (“Via Verde”).
This transaction follows Brisa’s agreement to purchase the remaining 25% stake in Via Verde from Ascendi, consolidating its full ownership of the company.
Overview of the Acquisition
Brisa, the parent company of the Brisa Group, is an international economic group headquartered in Portugal, with a significant presence in road infrastructure, road services, and mobility. The company is majority-owned by international investors from the Netherlands (APG), South Korea (NPS), and Switzerland (SLAM), while José de Mello Investimentos holds a nearly 17% stake.
Via Verde, one of the most emblematic companies within the Brisa Group, is a leading operator in electronic toll collection systems and mobility services. It manages toll payments, fuel purchases, parking, ferry services, and public transport fare processing through vehicle-mounted devices and a mobile application. Additionally, Via Verde has expanded its reach into electric vehicle charging, scooter rentals, and payment services for transportation tickets.
The company processed 566 million transactions in the past year, with toll collections amounting to €1.4 billion across its 3,000 km network. Via Verde has 5.2 million identifiers installed in vehicles, with 1.8 million acquired by users and 3.4 million under subscription plans, Essential Business reported. The service extends to 312 multi-story car parks, street parking in 62 cities, and additional electronic payment services for fuel stations, ferry services, and pharmacies.
Regulatory Review and Market Impact
The acquisition is subject to review under Article 37 of Law No. 19/2012, which governs market concentration operations in Portugal. The AdC has publicly announced the transaction under Article 47, allowing interested parties to submit observations within 10 working days. Regulatory scrutiny will assess whether the deal impacts market competition, particularly in the electronic payment and road mobility sectors.
A key factor in the review is the recently launched Via Verde Pay, a payment system that integrates electronic toll collection with other mobility-related services. The Bank of Portugal will also evaluate the transaction due to its implications for the financial sector.
Additionally, Ascendi, owned by the French fund Ardian, had held its 25% stake in Via Verde since 2021 after exercising a preemptive right to acquire a 5% stake previously sold by SIBS, a Portuguese payments processing company. Ascendi is also part of a joint venture between Via Verde and the German company Yunex, which recently secured a contract to implement a satellite-based electronic toll collection system for heavy goods vehicles (HGVs) in the Netherlands.
Next Steps
Brisa’s acquisition of Via Verde strengthens its market position as a leading mobility service provider in Portugal. However, the transaction remains subject to regulatory approval. If competition concerns arise, the AdC may impose conditions or conduct a more in-depth investigation to determine the potential impact on consumers and the broader mobility sector.
Brisa’s toll concession subsidiary, Brisa Concessão Rodoviária (BCR), reported a profit of €325.9 million last year, marking a 17.8% increase from 2023. The company attributed this growth to Portugal’s expanding GDP, which has positively influenced road traffic volumes.
As Brisa moves toward full control of Via Verde, stakeholders will closely monitor the regulatory outcome to assess its implications for Portugal’s electronic payment and road infrastructure landscape.
