Maritime logistics and high-speed trains: the marriage took place with the signing of a binding agreement that sees MSc get on trains Italo. Mediterranean shipping company, a Swiss company Aponte family, will thus acquire “approximately 50% in Italo-Nuovo Trasporto Viaggiatori” from Global infrastructure partners (Gip) to "establish a long-term strategic partnership for the future development of Italo" says a note from MSC. The remaining approximately 50% stake in Italo will continue to be owned by Gip, which will have joint governance with MSC, with some entities of the Allianz Group and funds managed by Allianz Capital Partners as well as other co-investors.
4,2 billion on the plate, 19 times the Ebitda
The operation, which concluded after a year and a half of negotiations, has an enterprise value of 4,2 billion of Euro including the 934 million in debt net financial (as of December 31, 2022), i.e 19 times EBITDA.
“This agreement demonstrates our long-standing commitment to Italy and support for high-speed passenger rail transport in the country,” he said Diego Aponte, group president of MSC. “We strongly believe in Italo's potential to further strengthen rail connectivity throughout Italy, but also in the national tourism market. Furthermore, the agreement reflects our group's objective to further develop sustainable modes of transport, both for passengers and goods."
Italo has a fleet of 51 high-speed trains
Italo, the press release recalls, “is one of the main European private operators of high-speed trains. Since its debut in 2012, it has grown to operate a fleet of 51 trains highly energy efficient electric vehicles, connecting 51 cities throughout Italy and serving over 20 million passengers per year". “We are thrilled to collaborate with MSC, with whom we have a solid and productive strategic relationship, to continue to support Italo's future growth,” he declared Bayo Ogunlesi, president and CEO of Global Infrastructure Partners. “We remain committed to providing high-quality service to passengers and benefits to the Italian economy. We are very satisfied that MSC shares our vision of Italo's future, as high-speed rail transport is fundamental to achieving emissions reduction objectives and is in line with GIP's energy transition and decarbonisation strategies."
Montezemolo: “The first European intermodal group is born”
“With this agreement, the first intermodal group in Europe is born, to offer a real integrated mobility service, train, ship, bus useful to the country, travelers and tourists,” he declared Luca Cordero di Montezemolo. “The acquisition of the majority of NTV (Italo plus Itabus) by MSC, a prestigious group, world leader in maritime transport, founded and managed by an Italian entrepreneur, Gianluigi Aponte, who I have known and had great respect for for years, is a source of satisfaction and pride and will bring growth and development."
Italo was founded in 2012 by Diego Della Valle, Luca Cordero di Montezemolo, Gianni Punzo and Giuseppe Sciarrone with the intention of competing on Italian high-speed lines with the state-owned Trenitalia. In 2018 it was sold to the Global Infrastructure Partners (Gip) fund for 2 billion euros.
