Green light of the EU Commission to the acquisition of joint control of Italo (New Passenger Transport) by MSc Mediterranean Shipping Company (Switzerland) and the American fund Global Investments (Gip III).
The operation mainly concerns the rail passenger transport market high speed in Italy, as well as travel agencies and maritime transport of passengers via ferries or cruises.
According to the Commission, the planned concentration would not raise competition concerns, given its limited impact on competition in the markets in which the dos operate.
The MSC-Italo agreement
After negotiations lasting almost a year, the operation was made official last October, while the concentration request to the Antitrust was filed and registered in Brussels on February 2nd.
As expected the group of Diego Aponte enters Italo through the holding company Sas – Shipping Agencies Services, acquiring $49,23 of the stock. Global Investments, instead detects the 34,38% of the share shares.
In the final trim Luca Cordero di Montezemolo he will remain president, while Gianbattista La Rocca will be reconfirmed CEO. The deal has an enterprise value of 4,2 billion euros including 934 million of net financial debt (as of 31 December 2022), i.e. 19 times Ebitda.
