French construction giant Vinci SA exits Russian toll road business

French infrastructure holding Vinci SA has completed its exit from Russian assets related to toll road construction and operation, Russian business newspaper RBC reported on 25 February.

The National Project Construction group (Natsproektbud) has purchased Vinci’s stake in the Northwestern Concession Company (SZCC), according to a source familiar with negotiations between the companies.

SZCC, established in 2007 as a joint venture between Mostotrest and Vinci SA, won the tender for construction and operation of a key section of the Moscow-St. Petersburg high-speed highway. The company reported a net profit of 5.8 billion rubles ($67 mn) for the first three quarters of 2024, with revenue reaching 10.34 billion rubles ($1 bn)

As of January 2025, approximately 467 international companies have completely exited Russia since the invasion of Ukraine began in February 2022. Despite this, over 2,220 companies continue to operate in Russia, with many others scaling back operations or planning to leave.

Vinci SA has also divested from another highway-related asset. According to Russia’s Unified State Register of Legal Entities, 100% of United Toll Collection Systems (OSSP) shares were transferred from Dutch company Highway Operations BV to Alexei Krapivin, CEO of National Project Construction group, on 28 December 2024.

“The value of SZCC business today is at least 25 billion rubles ($289 mn), while OSSP business is worth between 8 and 10 billion rubles ($92 mn – $116 mn),” says Mikhail Burmistrov, CEO of INFOLine-Analytics.

Maxim Khudalov, chief strategist at Vector Capital investment company, estimates that “with SZCC’s annual EBITDA at about 11 billion rubles ($127 mn), its capital can be valued at 77 billion rubles ($889 mn).” He believes the deal to sell SZCC could have amounted to 7-10 billion (up to $116 mn) rubles after applying a 60% discount.

“Vinci SA’s departure is likely due to difficulties in scaling business in Russia under current political conditions and the high cost of transferring funds from Russia to parent structures. The company may also be experiencing political pressure at home,” Khudalov notes.

Vinci SA, headquartered in Nanterre near Paris, is one of Europe’s largest infrastructure holdings. The company builds and manages concessions for roads, railways, airports, and stadiums, and also develops energy facilities including wind and solar power plants.

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