The French investment fund Vauban Infrastructure Partners, an affiliated management company for Natixis IM, has become the owner of 76.3% of the shares in the company that operates the Malaga Metro. It previously owned 43% of the capital, and has now reached an agreement to purchase the 33.39% stake held by the French company Infravía, as confirmed by Natixis IM. With this sale, Vauban Infrastructure Partners directly controls 66% of the shareholding through three investment vehicles, while another 10.56% is shared with Comsa Concesiones through a fourth investment vehicle that is also controlled and managed by Vauban. The third partner is the Andalusian regional government, through its Public Works Agency, which owns the initial 23.69%.

The company Metro de Málaga was created in 2004 and has undergone several shareholder changes in recent years. Since 2014 it has been in charge of the metro's commercial operations, and the concession will extend until 2042, with a profit-led demand regime. In 2015, Macquarie and Infravia bought 40% of this concessionaire from Cajamar (18.86% of the capital), Cointer (11.96%) and Sando (8.57%). A year later Macquarie divested its 24%, which was acquired by Mirova, later renamed Vauban Infrastructure Partners (an affiliate of Natixis IM). And in 2018, two other shareholders, Globalvia (15.31%) and Comsa, (10.56%) sold their shares to Infravia and Mirova. 

In 2019, Natixis created Vauban Infrastructure Partners, a new management company specialised in infrastructure, to boost its capacities in alternative investments. Its latest operations include the purchase of three FCC stakes: 51% of four motorways in Catalonia, 49% of line 9 section 1 of the Barcelona metro, and 29% of the company that operates the City of Justice. 

^{Photo: Malaga Metro}