MILAN Reuters – Italian infrastructure group Atlantia said on Thursday it had finalised the sale of its controlling stake in Italian motorway unit Autostrade per lItalia in a deal worth 8.2 billion euros 8.6 billion.
The closing of the transaction marks the definitive exit of the Benettonled group from the motorway business in Italy almost four years after the collapse of a bridge run by Autostrade in Genoa, which killed 43 people in 2018.
Autostrade manages more than 3,000 kilometres of toll roads across Italy under longterm concessions granted by the Italian state. It is responsible for the development, maintenance and management of motorways on a network with approximately 4 million travellers per day.
Atlantia received a total sale consideration equal to 8.199 billion euros including the ticking fee accrued and net of minor price adjustments recognised under the terms of the sale agreement, the group said.
Italian state lender Cassa Depositi e Prestiti CDP is leading the consortium of buyers that will acquire Atlantias 88 stake in Autostrade and will acquire the asset through an investment vehicle called Holding Reti Autostradali HRA.
HRA is 51 owned by CDP, with CDPs coinvestors Macquarie and Blackstone holding a 24.5 stake each.
Lured by the expectation that Atlantia would pocket more than 8 billion euros for Autostrade, infrastructure funds GIP and Brookfield approached the Benettons with a plan to buy Atlantia in March.
The Benettons rebuffed the offer and last month announced the launch of a takeover bid for Atlantia, planning to delist it with the help of Blackstone.