Yesterday evening A2A (A2.MI: Quotazione) and the Stirling Square Capital Partner fund reached an agreement with the F2i fund and with IMI Investimenti of the Intesa Sanpaolo Group (ISP.MI: Quotazione) for the sale of their shares in Metroweb: respectively 23,5 and 76,5 percent.
In addition to F2i and the ISP group, competing to win the shares of the company that owns an optical fiber network in the Milanese capital were: Axa Private Equity Infrastructure, Antin Infrastructure and, consortium, Wind, Vodafone Italia and the fund Hourglass.
The details emerge from a note: for A2A the collection is approximately 53 million with a capital gain of 38 million. The enterprise value of the sale was valued at 436 million, which is equivalent to 10 times the value of Ebitda.
In addition, A2A has decided not to convert the bond, which, once exercised, will allow the Milanese multi-utility "to hold - reads the note - 25%, with the right to sell by November 30, 2013 under the same conditions". The financial advisor of the operation was Lazard, who received the mandate from the shareholders of both companies.
The main objective of the new shareholders is to expand the fiber optic network, currently limited to the Milan area. As can be read in the note, the business plan that will be defined will have the objective of "disseminating the company's business model in other metropolitan realities starting from the areas of Northern Italy".
