Siemens Mobility has signed an agreement to divest Yunex Traffic, its international road traffic business, to Italian Atlantia, the Italian-owned holding company active in the infrastructure sector, including motorways, airport infrastructure and transport services.

The €950 million agreement marks the conclusion of a bidding process which has seen Atlantia beat off competition from a large number of international bidders, Atlantia said in a statement.

Munich-based Yunex Traffic is a global leader in the intelligent transport systems and smart mobility businesses. Its traffic management and urban mobility infrastructure and platforms are used in over 600 cities on four continents.

Siemens changed the name of the unit to Yunex Traffic from Siemens’ Intelligent Traffic Systems in February as part of preparations for a possible sale.

The deal is expected to close by September.

Atlantia says the acquisition will deliver savings and new business opportunities when integrated with its existing assets. “We aim to deliver operating and growth synergies between our assets and Yunex in the management of infrastructure, services and technological innovation, in order to improve the travel experience,” said Atlantia CEO Carlo Bertazzo.

Atlantia owns motorway toll-road groups including Spanish group Abertis, operates Rome’s airports and controls digital toll payment company Telepass. Through Yunex it hopes to expand into urban mobility.

“We are certainly keen to expand Yunex Traffic’s business in countries of interest to us, such as Italy, France and Spain,” Atlantia’s CEO told analysts, adding the intelligent transport system sector could generate a business value of around 1.5 billion euros a year in those three countries.