Cube Highways to acquire NIIF’s Athaang Infrastructure Road assets in $725 million deal

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Subscribe to enjoy similar stories. New Delhi: Cube Highways Trust has signed share purchase agreements (SPAs) to acquire three road assets from the National Investment and Infrastructure Fund’s (NIIF) Athaang Infrastructure for an enterprise value of $725 million.

Mint had earlier reported that Cube Highways, one of India’s largest private toll road operators, was the frontrunner to acquire these assets from NIIF’s Athaang Infrastructure. In a filing to the exchanges on Saturday, Cube Highways Fund Advisors Private Ltd said, “Cube InvIT has signed Share Purchase Agreements (“SPA") with NIIF on 7 February 2025 for the proposed acquisition of 100% (one hundred per cent) stake (shareholder debt, if applicable, and equity capital) in: a) Quazigund Expressway Private Limited; and b) Athaang Jammu Udhampur Highway Private Ltd." Along with the 16.26 km Quazigund Expressway and the 64.57 km Athaang Jammu Udhampur Highway, Cube has also signed an SPA for the 22 km Devanahalli Tollway in Karnataka.

“While Athaang’ portfolio comprising of five road assets totaling 230 km was earlier part of the sale process run by JP Morgan; the 73 km Kashi tollway in Uttar Pradesh, and 60 km Dichpally tollway in Telangana are not part of the deal, and have been retained by NIIF," said a person aware of the development requesting anonymity. Read this | Centre may adopt new way to measure highways Cube Highways Trust is an infrastructure investment trust (InvIT), which manages income-generating infrastructure assets.

InvITs offer investors a liquid and regulated mechanism to invest in infrastructure projects while ensuring regular returns. Queries sent to NIIF, Cube Highways, and JP Morgan spokespersons on Saturday wasn’t immediately answered.