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The Benetton family and Blackstone are offering € 12.7 billion for Atlantia

The Benetton family and the American fund Blackstone have submitted a takeover bid for the Italian highway and airport operator Atlantia, valuing it at 58 billion euros, including its debt, according to Reuters.

The offer comes as Atlantia prepares to raise € 8 billion from the sale of its largest asset, the Autostrade per l’Italia, in the wake of the political controversy sparked by the deadly collapse of its bridge in Genoa in 2018, during which 43 people lost their lives.

In a statement, the two groups said they were offering a € 23 per share buyout, a premium of 36.3% over Atlantia’s share price over the past six months.

It is noted that yesterday, Wednesday, the share closed with an increase of 0.8% to 21.89 euros, while in the last 10 days it has strengthened by a total of about 20%.

As a result, the companies will spend up to € 12.7 billion in cash on the acquisition, which accounts for 66.7% of Atlantia’s share capital.

Atlantia owed a debt of 38.6 billion euros at the end of 2021, a number that is expected to decrease when it completes the sale of motorway units.

It is noted that, based on the offer, the shareholders who offer their securities will normally receive the dividend of 0.74 euros per share that has been proposed.

Benetton and Blackstone said they would “fully support Atlantia’s long-term investment strategy, current business plan and sustainable growth”, adding that they would help the group seize investment opportunities in infrastructure and transport.

The Benetton family, which owns 33% of Atlantia, said last week it was in talks with Blackstone after rejecting a proposal from Global Infrastructure Partners and Brookfield to acquire Atlantia and hand over its concessions to Spanish construction tycoon Florentino. Περεθ.

According to the proposal, the holding company Edizione, owned by the Benetton family and led by Alessandro Benetton since January, will own 65% of the investment vehicle that will bid in Atlantia, and the American Blackstone the rest.

Goldman Sachs, Mediobanca, Bank of America, JPMorgan, UBS, UniCredit act as financial advisors for Benetton and Blackstone, while Gatti Pavesi Bianchi Ludovici, Legance, Simpson Thacher & Bartlett LLP act as legal advisors.

Source: Capital

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