Official pass acknowledging the closure of a chapter opened on August 14, 2018 with the Morandi Bridge tragedy. And after 22 years, he returned the old Autostrade into public hands, with values similar to those that had been privatized. Atlantia, the infrastructure owned by the Benetton family, has in effect announced that “the closing of the sale of the owned stake in Autostrade in l’Italia (equivalent to 88.06% of share capital and voting rights) in favor of a consortium of Cdp Equity (51%) and Blackstone Infrastructure Partners (24.5%). ) and Macquarie Asset Management (24.5%). The shares were sold for a value equal to €8,198.8 million including notation fees and net of minor adjustments in other prices stipulated in the sales agreement.” All of this happened about a year after the first official light signal for the sale: On May 31, 2021, Atlantia shareholders gave their approval for the improvement. It was then formalized on June 11 with the Spa Agreement (sale and purchase agreement) between the company and Casa.
Autostrade per l’Italia was privatized in 2000 with a total state income of about 8 billion, and thus its ownership was returned to the public sector. And it does so with an already written strategic plan of $14.5 billion in investments and $7 billion in maintenance interventions between now and 2038. At the helm of leadership, as mentioned, will be the Cassa Depositi e Prestiti Fund and the Macquarie and Blackstone Funds.
The latter is the same that will now join the Benettons in the other main game that began with the closing of the Autostrade case, the Edition takeover bid on Atlantia. In this regard, the quarterly data holding company’s board of directors is scheduled to hold on Friday, May 6, but it was also invited to start the procedures for selecting advisors who will have to support the board in assessing the adequacy of the offer. The meeting will, in fact, continue the work just outlined by the previous Council. Last week, Friday, April 29, the shareholders’ meeting elected the new members of the Board of Directors, with Carlo Bertazzo confirmed as CEO and Giampiero Masulo elected as Chairman. The components that are now being called upon to give a basic opinion on what could be a critical turning point for holding: a farewell to the stock market and a strategic repositioning given the possibility of a return to the stock exchange within five years.
Edition and Blackstone, backed by the CrTorino Foundation, put 12.7 billion on the board to beat Atlantia. In particular, they will promote an entire offer on the holding at a price of €23 per share, a value that rises to €23.74 by adding a dividend of €0.74 already approved. The price includes a 28.4% premium over the value of the shares as of April 5 (the last trading day before rumors of a possible unusual deal in Atlantia). To promote the takeover offer, the Benettons and the fund have created a new company, Schemaquarantatrè, wholly owned by another vehicle, called Schemaquarantadue, which will represent the new group’s reference holding. The latter part with 65% of Edizione (through Sintonia) and 35% owned by Blackstone. However, the structure will change with the entry of CrT Foundation which will save 4.54% to view and then reinvest up to 3%.
As for the numbers, as noted above, in the case of total membership, the consortium will pay 12.7 billion for the overall valuation of the asset just under 19 billion. The car will benefit from the debt for 8.2 billion while the remaining 11 billion will be financed by Blackstone for 4.4 billion and the remainder by Ponzano Veneto with the 33.1% package held in Atlantia transferred to newco. Meanwhile, with the resources available, also derived from the sale of Aspi (8 billion euros more or less equal to the debt the car has contracted to launch the show), Atlantia will promote the already approved strategic plan. On June 15, 2021, the company presented its development guidelines, based on new investments in highway, airport, and digital services for the mobility sectors.