Not only 49%, but the entire Telepass packageAccording to rumors of the Corriere della Sera, Mundys e Partners Group they are evaluating the complete transfer of the electronic toll collection group and mobility services. The Swiss fund, which acquired the capital in 2021 with a 49% stake, has long been in exploratory talks regarding an exit. But the market only offers a controlling interest. Without it, the deal won't close. Hence the possibility of extend the operation to include the 51% stake held by Mundys, turning a partial release into a full sale.
Who looks at Telepass
The there is no lack of interestAccording to rumours, big names in private equity are moving at the window, such as Advent International, Warburg Pincus e Brookfield, together with the Portuguese toll company Via Verde, controlled by the Brisa group. On the table a review which, according to estimates, could be around around 3,5 billion eurosA price that, given a solid offer, could convince the Benetton family holding company to part with an asset that accounts for just over 2% of Mundys' gross operating margin.
The numbers that explain the appeal
Telepass is a tempting proposition. Since 2021, under the leadership of CEO Luca Luciani, the scope of the services have expanded and revenues have grown2024 closed with a turnover of 436 million, expected to exceed 500 million in 2025, while the gross operating margin stands at around 300 million. The base customers exceed 6 million In Italy, Telepass operates between private cars and heavy vehicles, with a market share of over 90%. Its international presence also covers 20 European countries. These numbers explain why the market views Telepass as a scalable service infrastructure.
The Mundys perimeter
If the full sale were to go through, Mundys' portfolio would retain the most strategic holdings: 50% of Abertis and almost all of Aeroporti di Roma. The holding company's shareholding structure is comprised of Blackstone with 37,8%, Fondazione CRT with 5,2%, and Edizione with 57%. Edizione recently strengthened its presence in asset management with the launch of the 21 Next division.
This is a sign of how Telepass's reorganization fits into a broader strategy of rationalization and investment focus.
