Autostrade per l'Italia will sell to Canada Pension Plan Investment Board (CPPIB), a major Canadian pension fund, 49,9% stake in Costanera group, operating in the Chilean highway sector. The consideration should amount to approx 860 million euros.
CPPIB, which manages the pension funds of the Canadian Pension Fund, is interested in investing its assets in infrastructure at low risk and secure return in a context of enhancement of the funds intended for the disbursement of the pension benefits of 18 million members. From this point of view, motorway crossings are a very low-risk bet, also due to the low cost of fuel in Chile and the country's good macroeconomic prospects.
At the end of the 2011 financial year, the total resources managed by the Canadian fund amounted to 152,8 billions of dollars. At the same time as the transaction, 50% of Nueva Inversiones (indirectly owned by the Benetton family) will pass under the control of Grupo Costanera, which will thus come to hold 100% of Autostrade Sud America through the purchase of the shares currently held by Sias and Mediobanca.
The remaining share of Grupo Costanera, amounting to 50,01% of the share capital, will remain in Atlantia (Highways for Italy), which will continue the valorisation work.
