NEW YORK: The billionaire Benetton household’s motorway and airport firm Atlantia SpA is poised to change into the goal of a bidding battle in what may very well be this 12 months’s greatest deal.
United States buyout big Blackstone Group Inc is discussing teaming up with the Benettons to take Atlantia personal, based on folks aware of the matter, whereas Spanish building tycoon Florentino Perez mentioned he was partnering with World Infrastructure Companions (GIP) and Brookfield Asset Administration Inc on a possible bid.
The curiosity from Perez and a number of other funding corporations, first reported by Bloomberg Information, despatched Atlantia shares surging earlier than they closed up 2.5%, giving the Italian infrastructure agency a market worth of €15.7bil (US$17.1bil or RM72.1bil).
Atlantia has an enterprise worth of greater than €62bil (RM285.3bil), together with debt, based on knowledge compiled by Bloomberg, which might make it the most important deal of the 12 months up to now if accomplished with a premium, forward of Microsoft Corp’s buy of Activision Blizzard Inc.
By that measure, it might additionally rank as one of many greatest infrastructure offers of all time.
Actividades de Construccion y Servicios SA, the Madrid-based builder often called ACS of which Perez is each chairman and the highest shareholder, mentioned in a regulatory submitting after the Bloomberg Information report that it had an unique settlement with GIP and Brookfield to bid for Atlantia .
Perez’s agency, which might purchase nearly all of Atlantia’s toll-road enterprise as a part of the deal, added that no last selections had been made.
Any takeover can be troublesome with out the settlement of the Benettons, who already personal 33% of Atlantia, and will draw scrutiny from the Italian authorities.
The industrialist clan strengthened its grip on Atlantia by boosting its stake after the €8bil (RM36.8bil) sale of the corporate’s Italian highway-toll unit, Autostrade, final 12 months. That incoming money in addition to large urge for food for infrastructure belongings triggered the curiosity, the folks mentioned.
Traders proceed to pour cash into infrastructure, drawn by the steady, recurring returns these belongings can generate.
GIP is in talks to boost the world’s greatest pool of capital devoted to the sector, Bloomberg Information reported in February, whereas Blackstone final 12 months reopened a flagship infrastructure fund to new cash.
In Italy, Atlantia controls Aeroporti di Roma SpA, which runs Rome’s airport, and it is a shareholder in Bologna airport. It additionally has hubs in Good and Saint-Tropez in France. Atlantia is among the many high shareholders in Getlink SE, the proprietor of Channel Tunnel operator Eurotunnel.
Perez and the Benettons have already got ties via their joint possession of Abertis Infraestructuras SA, the Spanish freeway operator. Representatives for Atlantia and Blackstone declined to remark.
A spokesperson for the Benetton’s Edizione Srl declined to touch upon Perez’s curiosity, and was not out there to touch upon Blackstone when contacted outdoors enterprise hours.
Whereas Perez would search to staff up with the household on a deal for Atlantia, he may contemplate a hostile bid, the folks mentioned. ACS beforehand thought of a proposal for Autostrade, earlier than the toll operator was finally bought to an investor group led by Italian state-backed lender Cassa Depositi e Prestiti SpA.
Atlantia has been refocusing on growth and diversification plans, having been underneath fireplace ever since 43 folks died in a 2018 bridge collapse in Genoa on a roadway managed by Autostrade.
Alessandro Benetton was appointed chairman of Edizione in January to assist refocus the household’s enterprise.
That month, the corporate agreed to purchase Siemens AG’s road-traffic enterprise in a €950mil (RM4.4bil) deal.
It is also concentrating on investments within the mobility sector, as expertise and digital providers change into extra vital throughout transportation networks.
Edizione views Atlantia as a long-term strategic asset, based on an individual with data of the corporate.
Exterior of building, Perez is finest often called the president of Spanish soccer membership Actual Madrid. He was one of many leaders of a gaggle of soccer groups that proposed the creation of a brand new European Tremendous League final 12 months.
The plan was shortly disintegrated after fierce opposition from followers and politicians, together with these in Italy. — Bloomberg