CDP Equity, Blackstone Infrastructure Partners and Macquarie Asset Management have teamed up to buy Atlantia’s 88.06% stake in Italian toll road operator Autostrade per l’Italia (ASPI) in a deal worth approximately €19bn.
In a joint statement, the companies said the acquisition of ASPI will be made by Holding Reti Autostradali (HRA), a newly created vehicle. HRA is 51% owned by Italy’s CDP Equity with Blackstone and Macquarie each holding a 24.5% stake, the consortium said without disclosing any financial details.
IPE Real Assets understands that HRA will pay €9.3bn for the equity stake in ASPI. Including debt, the deal values the 88.06% in ASPI stake at more than €19bn, according to a source.
The consortium said it intends to begin talks with the minority shareholders of ASPI “to better understand their views on their 11.94% equity interest of the company”.
ASPI manages more than 3,000km of toll roads across Italy under long-term concessions granted by the Italian State.
The investor group said it intends to contribute to the implementation of an extensive investment plan covering ASPI’s entire motorway network.
In a separate statement, Jiri Zrust, a senior managing director at Macquarie Asset Management, said: “A significant step-up in investment is required to deliver the efficient, safe and sustainable road infrastructure that is needed to keep Italy moving.
“We look forward to working with our partners to ensure that Autostrade per l’Italia meets this challenge, seeking to modernise and strengthen its network for the benefit of communities and the economy.”
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