Atlantia pockets 8.2 billion euros on the sale of Italian motorway assets

The logo of infrastructure group Atlantia in Rome, Italy October 5, 2020. REUTERS/Guglielmo Mangiapane

MILAN, May 5 (Reuters) – Italian infrastructure group Atlantia (ATL.MI) said on Thursday it has completed the sale of its majority stake in Italian motorway unit Autostrade per l’Italia in a deal to worth 8.2 billion euros ($8.6 billion).

The closing of the transaction marks the final exit of the Benetton-led group from the motorway business in Italy nearly four years after the collapse of a bridge operated by Autostrade in Genoa, which killed 43 people in 2018.

Autostrade manages over 3,000 kilometers of toll roads across Italy under long-term concessions granted by the Italian state. It is responsible for the development, maintenance and management of motorways on a network of approximately 4 million passengers per day.

“Atlantia received total sale consideration equal to €8.199 billion, including accrued listing fees and net of minor fees

price adjustments recognized as part of the sales contract”, specifies the group.

Italian public lender Cassa Depositi e Prestiti (CDP) is leading the consortium of buyers that will acquire Atlantia’s 88% stake in Autostrade and acquire the asset through an investment vehicle called Holding Reti Autostradali (HRA).

HRA is 51% owned by CDP, with CDP co-investors Macquarie and Blackstone each holding a 24.5% stake.

Lured by hopes that Atlanta would pocket more than 8 billion euros for Autostrade, infrastructure funds GIP and Brookfield approached the Benettons with a plan to buy Atlanta in March.

The Benettons rejected the offer and last month announced a takeover bid for Atlantia, planning to delist it with help from Blackstone (BX.N). Read more

($1 = 0.9513 euros)

Reporting by Francesca Landini Editing by Alexandra Hudson

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