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A&O Shearman guides CVC DIF on its sale of American Roads

A&O Shearman guides CVC DIF on its sale of American Roads
Published Date
Feb 17 2026
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Image of Simon Clark
Simon ClarkPartner, New York
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Jillian AshleyPartner, New York
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Emily GleichertAssociate, Los Angeles
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A&O Shearman advised CVC DIF on the sale of American Roads, a leading owner and operator of tolled transportation facilities, whose portfolio includes the American-side concession of the Detroit–Windsor Tunnel and three toll bridges in Alabama, serving approximately seven million trips annually. The transaction was announced on February 13 and is expected to close in the second quarter of 2026.

The sale to John Laing Group, an international investor and manager of core infrastructure assets, marks a successful conclusion to CVC DIF’s multi-year investment in American Roads. CVC DIF acquired American Roads in 2018 via its DIF Infrastructure V fund (a transaction also advised by A&O Shearman) and has since executed a defined value creation plan in partnership with the American Roads management team.

CVC DIF is a global infrastructure investment platform focused on longterm, resilient assets across energy, transport, digital, and social infrastructure.

“We were pleased to leverage our group’s experience with this asset and sector to help a valued client navigate a competitive sale process and deliver a successful outcome.”

The A&O Shearman team was led by New York-based partner Simon Clark alongside partner Jillian Ashley, counsel Peter Tolson, and associates Ian Mack, Emily Gleichert, Lucas Volfneuk, and Rachel Goldberg. Additional specialist support for the transaction has been provided by partners John Hibbard on tax, Keren Livneh on IP, Brian Jebb on employee benefits, Noah Brumfield on antitrust, and Ken Rivlin on environmental and sanctions aspects. 

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