Tip:, the holding company led by Giovanni Tamburi, has exercised the right of pre-emption on 36% di alpitour held by Andrea Ruben Levi, beating MSC's offer by Gianluigi Aponte and bringing his own 95,7% stake of the capital of the tour operator. The operation, of the value of 207,2 million euros, saw Tip directly invest 74,2 million, while the rest was covered by the club deal of investors that has been alongside Tamburi for years. Alpitour's overall value was thus set at 565 million, a figure considered advantageous compared to market parameters and the value of the assets held by the company.
The acquisition operation was approved on January 30 by Asset 1, the company that groups the investors involved, including prominent industrial families such as Angelini, D'Amico and Ferrero. Tip also declared its willingness to further increase its share in the event that other shareholders do not adhere to the planned add-on.
Andrea Ruben Levi, a historic shareholder of Alpitour and an investor in the group since 2012, has thus chosen to monetize its stake to focus on other activities. After having increased its share over the years, Levi has decided to take a step back, realizing a significant capital gain and lightening its portfolio towards new opportunities.
Alpitour's numbers
Alpitour has Fiscal year closed as of October 31st with revenues of 2,1 billion euros. The valuation of 565 million for 100% of the capital reflects a price that, even considering the liabilities of 212 million at the end of October, it turns out to be an interesting opportunity compared to other competitors. The group owns tangible assets for approximately 900 million euros, which include 27 hotels, including 8 five-star hotels, and aircraft leasing. Despite a slight decline in gross operating margin in 2024 (138 million euros compared to 142 million in 2023), forecasts indicate a recovery of up to 150 million in 2025.
Alpitour, stock market listing or new acquisitions? The scenarios
Tip's acquisition of Levi's stake marks a crucial moment in the future of Alpitour. In recent months, several investors, including Certares and Tui (German travel giant), had attempted to enter the capital of the group, but without success. Now that Tip: holds an almost total stake, the holding company will be able to define your own strategy of growth. One of the most concrete options is the Alpitour listing on Piazza Affari, which could take place immediately after the conclusion of the operation, formally scheduled for February 6.
Giovanni Tamburi himself has treated for a long time for sell its controlling stake to MSC, but after negotiations failed to reach an agreement on valuations, he chosen to proceed independently. This step allows him to manage the growth of the group without external interference and to take advantage of the relatively low valuation of the stake sold by Levi, which according to analysts is less than five times the enterprise value compared to the EBITDA.
With almost complete control of Alpitour, Tip will now be able to concentrate on new mergers and acquisitions or undertake a listing on Piazza Affari. The next few months will be crucial to understand How TIP intends to relaunch Alpitour and perhaps change the company's top management structure to accelerate its growth and consolidate its position in the European tourism market.
