MILAN -Italian infrastructure group Atlantia stated on Thursday it had finalised the sale of its controlling stake in Italian motorway unit Autostrade per l’Italia in a deal price 8.2 billion euros ($8.6 billion).
The closing marks the definitive exit of the Benetton-led group from the motorway enterprise in Italy nearly 4 years after the collapse of a bridge run by Autostrade in Genoa, which killed 43 individuals.
Autostrade manages greater than 3,000 kilometres of toll roads throughout Italy beneath long-term concessions granted by the Italian state. It's liable for the event, upkeep and administration of motorways on a community with roughly 4 million travellers per day.
“Atlantia obtained a complete sale consideration equal to eight.199 billion euros together with the ticking price accrued and web of minor
value changes recognised beneath the phrases of the sale settlement,” the group stated.
Beneath phrases of the contract signed final 12 months, Atlantia can even get an earn-out if the Italian authorities partially compensates Autostrade for visitors misplaced between 2020 and 2021 because of the pandemic.
“On the potential earn-out, there will likely be extra readability within the second a part of this 12 months,” one supply with data of the matter stated.
Italian state lender Cassa Depositi e Prestiti (CDP) is main the consortium of consumers that may purchase Atlantia’s 88% stake in Autostrade and can purchase the asset by way of an funding automobile referred to as Holding Reti Autostradali (HRA).
HRA is 51% owned by CDP, with CDP‘s co-investors Macquarie and Blackstone every holding a 24.5% stake.
Lured by the expectation that Atlantia would pocket greater than 8 billion euros for Autostrade, infrastructure funds GIP and Brookfield approached the Benettons with a plan to purchase Atlantia in March.
The Benettons rebuffed the provide and final month introduced the launch of a takeover bid for Atlantia, planning to delist it with the assistance of Blackstone.
($1 = 0.9513 euros)
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