Now there is also a signature to seal Autostrade per l’Italia’s farewell to the Benetton galaxy and the beginning of a new journey into the public orbit. The consortium formed by Cdp Equity and the international funds Blackstone and Macquarie signed an agreement with Atlantia for the acquisition of 88.06% of Aspi. All as foreseen by the timetable outlined the other day by the board of Atlantia which indicated 11 June as the date for the signing of the agreement. And early this morning it was the same consortium that entrusted the announcement of the signature to a note.
Cdp Equity, Blackstone Infrastructure Partners and Macquarie Asset Management therefore reached an agreement with Atlantia, for the acquisition of 88.06% of the share package of Autostrade per l’Italia. Acquisition that will be made through Holding Reti Autostradali SpA (Hra), a new company under Italian law owned (directly or indirectly) by Cdp Equity (51%), Blackstone Infrastructure Partners (24.5%) and the funds managed by Macquarie Asset Management (24.5%). Hra and Atlantia then signed the purchase agreement. The operation will be completed in the coming months, after having satisfied the usual conditions for closing and having received the necessary clearances from the competent Authorities. Furthermore, following the agreement reached today with Atlantia, the consortium will start an exploratory dialogue to understand the orientation of the minority shareholders of Aspi, who have the right to co-sell, on the remaining 11.94% of the company they own. .
The value of the acquisition is not indicated in the press release issued today. The binding offer that the board of Atlantia accepted last Thursday provides for a price of 9.1 billion for 100% of Aspi to which is added the ‘adjustment’ of another 200 million in ticking fees.
The new course of Cassa Depositi e Prestiti with the new CEO Dario Scannapieco at the helm begins, therefore, with the implementation of a crucial infrastructure project whose investment objectives are indicated today by the consortium itself. They are to “contribute to the implementation of a vast investment plan throughout the Aspi motorway network; promote the improvement of the network to facilitate digitization and innovation; improve the efficiency of infrastructure maintenance programs to ensure maximum levels of performance and safety for motorists; offer long-term stability in the management of an Italian infrastructure essential for the community and the economy “.
“Aspi – underlines the consortium – is one of the main motorway operators in Europe and manages over 3,000 km of motorways in Italy, with long-term concessions. Aspi and its subsidiaries are responsible for the development, maintenance and management of a motorway network which extends throughout the national territory and represents about half of the motorway system subject to tolls in Italy, with about 4 million customers per day (pre-Covid figure).
While CDP is preparing to tackle this new ‘mission’, the spotlight is also on what will be the future strategy of Atlantia without the Italian motorways. The infrastructural group has not been at a standstill in recent months and has already worked out a development strategy in which to use the 8 billion from the sale. The debt will be partially written off and around 5 billion euros will be reinvested in new assets, with priority on airports, motorways (using Abertis as a lever for international development to participate in new tenders around the world) and in new forms of sustainable mobility. In addition, a development of Telepass digital payment services is planned at a European level.
A little less than three years after the tragedy of the Morandi Bridge and almost a year after the agreement at Palazzo Chigi, the signing of the contract marks a historic passage with Aspi which returns to the public sphere after 22 years. Since that tragic 14 August 2018, Benetton motorways have been in the eye of the storm with the sword of Damocles of the revocation of the concession. In particular, in the last 11 months, after the agreement reached in mid-July, the operation has traveled on a roller coaster between deadlocks and often one step away from failure. It took months of intense negotiations between the parties to arrive at the final proposal that arrived on the board of the board of Atlantia, which overall values 100% of Aspi at 9.3 billion euros.
But that the road was now downhill it was understood by the board of Atlantia on 30 April last, which recognized the improvements made to the offer by the Cdp-Fondo consortium and pointed out that, at present, the only concrete alternative to the offer for the divestment of the shareholding in Aspi consisted in continuing and completing the litigation initiatives already initiated both at the administrative level in Italy and at the European level. It should also be remembered that what stirred the waters was the expression of interest presented by the owner of ACS Florentino Perez, which however did not translate into an offer.
On the other hand, foreign funds are heating up their engines. “A significant increase in investment is needed to provide the efficient, safe and sustainable road infrastructure needed to keep Italy moving,” says Jiri Zrust, Senior Managing Director of Macquarie Asset Management. “We look forward to working with our partners to ensure that Autostrade per l’Italia takes up this challenge, seeking to modernize and strengthen its road network for the benefit of communities and the economy. Macquarie has been investing in Italy for nearly two decades. and we are pleased to be able to continue to support the development of the country’s essential infrastructures through this partnership with Cdp Equity and Blackstone Infrastructure Partners “. “We are thrilled to be partners of Cdp Equity and Macquarie. Together, we look forward to executing our long-term commitment to Italy and our major investment to support the modernization of Aspi”, comments Jonathan Kelly, director of Blackstone Infrastructure Partners’ European infrastructure. “Today’s announcement constitutes further evidence of Blackstone’s long-term commitment to Italy. Through our combined efforts, our consortium will seek to improve Italy’s extensive road network and deliver a safe and reliable infrastructure for the citizens of the country “, adds Andrea Valeri, president of Blackstone Italia.