By Pietro Lombardi

Atlantia SpA's subsidiary Abertis Infraestructuras is teaming up with U.S.-based investment firm John Hancock to buy Elizabeth River Crossings for 1 billion euros ($1.19 billion)

The Italian infrastructure group said Monday that its subsidiary will have a stake of up to 68% in the U.S. company, which manages tunnels in Virginia. The stake can be cut to a minimum of 51% before the deal is closed.

With the deal, Abertis enters the U.S. market.

Atlantia will control the U.S. company and consolidate it.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

November 09, 2020 04:31 ET (09:31 GMT)

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