Italy’s Atlantia, SpA and Spain’s ACS, S.A. have set out to shake up the toll road industry. The two firms have turned from rivals to partners in a joint Euro $18.2-billion (US$22.7 billion) takeover bid of Spanish highway operator Abertis Infraestructuras, S.A. through a new portfolio vehicle.

As part of a complex binding investment agreement, still under discussion, the two firms said, after signing a preliminary agreement in Madrid, that they will pursue P3 highways and railway projects worldwide using Hochtief, the German-based arm of ACS, as a tool box. Atlantia will get 24% of Hochtief.