The Board of Atlantia has decided to sell 10% of Autostrade per l'Italia: 5% will go to a consortium formed by Allianz Capital Partners on behalf of Allianz Group (74%), Edf Invest (20%) and Dif Infrastructure IV (6%); the other 5% will be given to Silk Road Fund.
The consortium made up of Allianz Capital Partners will also have an option to buy, under the same conditions, of an additional 2,5% of the share capital of Aspi to be exercised by 31 October next. Atlantia is also carrying on interviews with other potential investors "who have expressed interest in acquiring additional stakes in the capital of Aspi", reads the company's note.
The price recognized by the buyers highlights a valuation of 100% of Aspi's share capital equal to 14,8 billion and will produce a capital gain of 736 million for Atlantia.
“With this operation – comments the managing director of the group, John Castellucci – Atlantia not only recovers resources to accelerate international development, but above all establishes a solid partnership with excellent investors who appreciate ASPI's business model and the clarity of Italian concession rules".
Castellucci adds that "having been able to appreciate the professionalism and long-term vision of the new members during the negotiation", the group hopes "to be able to expand the collaboration on other development projects in countries of common interest".
The completion of the transaction is subject to the occurrence of the conditions precedent included therein and is envisaged for the end of July. Atlantia was assisted by the financial advisors Goldman Sachs, JP Morgan, Credit Suisse and Morgan Stanley, as well as by Studio Bonelli Erede for the legal aspects. Rothschild advised the consortium of buyers Allianz Capital Partners, Edf Invest, Dif and Silk Road.
Atlantia's Board of Directors also confirmed "the Company's preliminary interest in evaluating a possible corporate operation structured in the form of a public offer with Abertis Infraestructuras SA". The Board allowed the CEO to "continue to explore the possible strategic options for the implementation of the transaction, on the assumption that it is considered friendly and suitable for creating value for all stakeholders".
