Apr 13, 2020 - Economy & Business

Investors make binding bids for Portuguese toll road operator Brisa

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

Arcus Infrastructure Partners has received multiple binding offers for its 80% stake in Portuguese toll road operator Brisa, which originally was expected to net around €3 billion, per Bloomberg.

Why it matters: This could be a litmus test for how investors view the future of office work. Portugal's toll road traffic has obviously tanked in the midst of lockdown, but long-term revenue trends will depend on how many people keep working from home after the pandemic subsides.

  • Suitors reportedly include Abertis Infrastructure, Globalvia, APG Groep, China State Construction Engineering Corp.

The bottom line: "Brisa is Portugal’s biggest toll-road operator and oversees 1,628 kilometers (1,012 miles) of roads in the country, including a network of 17 motorways," writes Bloomberg.

Go deeper

Updated 11 mins ago - Politics & Policy

Trump says RNC is looking outside of North Carolina for convention site

North Carolina Gov. Roy Cooper in 2018. Photo: Sara D. Davis/Getty Images

President Trump tweeted on Tuesday night that because of ongoing coronavirus restrictions in North Carolina, the Republican Party will be "forced to seek another state" to host its convention in August.

The big picture: The late-night tweet came after North Carolina Gov. Roy Cooper (D) told convention organizers earlier Tuesday that Republicans should plan for a "scaled-down convention with fewer people, social distancing and face coverings" given the impact of the pandemic.

Updates: George Floyd protests continue past curfews

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day, prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Even with early curfews in New York City and Washington, D.C., protesters are still out en masse. Some protesters in D.C. said they were galvanized by President Trump's photo op in front of St. John's Church on Monday and threat to deploy U.S. troops in the rest of country if violence isn't quelled, NBC News reports.

Updated 1 hour ago - Politics & Policy

Trump backs off push to federalize forces against riots

Photo: Brendan Smialowski /AFP via Getty Images

A day after threatening to federalize forces to snuff out riots across the country, the president appears to be backing off the idea of invoking the Insurrection Act, sources familiar with his plans tell Axios.

What we're hearing: Aides say he hasn’t ruled out its use at some point, but that he's “pleased” with the way protests were handled last night (apart from in New York City, as he indicated on Twitter today) — and that for now he's satisfied with leaving the crackdown to states through local law enforcement and the National Guard.