The public offer on Astm, the publicly listed motorway concession that manages concessions such as the Milan-Turin, the Autostrada dei Fiori, the Cisa and the Frejus tunnel, rises. The Gavio group and the Ardian infrastructure fund, which with the Naf2 vehicle on February 19 had launched a takeover bid for 25.6 euros on the company, raised the offer to 28 euros per share. The deadline for accepting the offer was also extended to 24 May. To date, Naf2 owns over 53.08% of the capital of Astm, which rose slightly during the takeover bid.
The value
The new consideration – explain the group led by Beniamino Gavio and Ardian – incorporates a premium of approximately 40.8% compared to the official price of 19.88 euros of the Astm share at the announcement of the offer, which rises to 49.1% compared to to the average of the previous six months. The valuation thus rises to over 4 billion euros. The offer on approximately 47% in the hands of minorities equal to 1.845 billion euros. The objective of the operation is to withdraw the stock from the Piazza Affari list. To date there have been subscriptions equal to 31.51% of the shares covered by the offer. Commitments to join by May 10 came from a group of funds that hold almost 9.53% of Astm: Lazard AM (5.4%), Lexor Master Fund (0.5%), Varenne Capital partners ( 1.4%), Sycomore AM (1.03%), Glg Partnert (0.2%), Meqart Opportunities (1%).
The structure, the delisting, the strategy
The takeover bid financed by JP Morgan, sole advisor of the transaction, while Chiomenti followed the holding Nuova Argo Finanziaria (60% Aurelia, 40% Mercure, of the Ardian fund). At the end of the transaction, the two shareholders will control 51% and 49%. The Beniamino Gavio group will also receive approximately 300 million from the transfer of approximately 7% of directly controlled Astm. Astm is thus keeping its hands free for growth in the countries where it is present, in particular Brazil (second operator with Ecorodovias, a country in which motorway concessions for 20 billion euros will be tendered by 2022) and the USA. The model is that of a single company that has expertise in concessions, construction and technology. A possible return to the stock market could take place in 4-5 years when the theme of the Ardian fund is proposed.