When the A41 road was opened in January 2008, the ADELAC Concession was 49.9% owned by AREA, a subsidiary of APRR and the operator of A41. This 49.9% ownership interest was subsequently transferred from AREA to APRR.
In November 2016, AREA entered into an agreement to acquire an additional 46.1% interest in ADELAC. MAF2 (the entity through which ALX holds its interest in the APRR Group) and Eiffage subsequently entered into an agreement with AREA to purchase this 46.1% interest. This was followed by additional 4.0% acquisitions by Eiffage and MAF2 of the remaining minority interests.
Accordingly, MAF2 has a 25.0% indirect holding in ADELAC through the APRR Group in addition to a 25.1% direct holding in ADELAC.