Disposal of Autostrade per l'Italia s.p.a. by Atlantia

On 12th June 2021 Atlantia announced the disposal of its 88.06% stake in Autostrade per l’Italia S.p.A. (“ASPI”) to a Consortium comprised of CDP Equity, Blackstone Infrastructure Partners and Macquarie Asset Management (the “Consortium”).

ASPI is one of Europe’s largest toll road operators, managing more than 3,000km of toll roads across Italy (half of the country’s tolled motorway system) under a long-term concession granted by the Italian State and expiring in 2038 with approx. 4m travelers per day.

The acquisition will be carried out through Holding Reti Autostradali (“HRA”), a newly established vehicle incorporated under Italian law, owned (directly or indirectly) by CDP Equity (51%), Blackstone Infrastructure Partners (24.5%), and funds managed by Macquarie Asset Management (24.5%).

The Consortium valued ASPI equity value at €9.3bn on a 100% basis, including a ticking fee of €0.2bn to closing, plus an earn-out in case a Covid compensation is granted to ASPI by the Italian Regulatory Transport Authority.

Transaction involves the management of the sizeable, complex and interrelated financial structure of both Atlantia and ASPI (overall around €18bn of debt including mostly public and private bonds) with several implications on the definition of the final transaction.

Closing of the transaction is subject to the satisfaction of customary conditions precedent and the receipt of the necessary authorizations from the competent authorities as well as from Atlantia and ASPI’s lenders. Closing is expected by 1Q22.

The transaction is a further proof of the very strong knowledge and relationship with the Atlantia Group (being the second large sell-side mandate in a row, after Telepass). In addition, it confirms the bank’s expertise in the Transport Infra sector and its unparalleled angle as reference bank for Tier-1 infra sponsors in Southern Europe together with its capability to manage complex financial transactions.