IFM Investors has made a $7 billion hostile bid for toll road operator Atlas Arteria.
In an ASX update, Atlas said it received a bidders statement from IFM detailing a off-market takeover bid for all shares it did not already own for $4.75 cash per security.
This would value the company at almost $7 billion.
This represents a 10 per cent premium on the last closing price but the bid could be increased to $5.10 per security if IFM’s interest in Atlas is more than 45 per cent prior to close of the offer, which would increase Atlas’ value to $7.4 billion.
IFM has invested in Atlas, which is headquartered in Melbourne and has interests in five major international toll roads in the US, France and Germany, since March 2022 and currently holds a 34 per cent stake.
“There was no communication from IFM to Atlas Arteria prior to receipt of the bidder’s statement,” it added.
“The boards of Atlas Arteria will establish an Independent Board Committee to consider the offer. The company advises that shareholders take no action in relation to the offer. The IBC, together with its advisers, will consider and evaluate the offer and will update shareholders in due course.”
IFM Investors is a $232 billion global asset manager, founded and owned by pension funds, with capabilities in infrastructure equity and debt, private equity, private credit, real estate and listed equities.
In July 2025, the firm announced it would acquire 75 per cent of Air Rail, the largest airport ground support equipment owner and lessor in Spain and Portugal, strengthening its presence in the Spanish infrastructure market.
Meanwhile,IFM conducted a $240 million scheme of arrangement with Australian property fund manager ISPT in December 2024 to bring together two Australian industry superannuation-owned businesses. IFM Investors and ISPT had a large common shareholder base and the purpose of both businesses was to contribute to building the retirement savings of working people.
ISPT chief executive Chris Chapple was appointed to the role of IFM Investors global head of real estate and sits on IFM’s global strategy team. Prior to ISPT, Chapple was CEO of Blackstone’s Australian real estate portfolio company, 151 Property.
However, he subsequently departed the newly-merged firm one year later.
