Highways.
Green light of the Board of Directors of Cdp to offer 88% for the acquisition of Aspi
Autostrade, government ultimatum to Atlantia: responses by the end of the month or revocation of the concession
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October 28, 2020 The Board of Directors of Cassa Depositi e Prestiti has given the green light to Cdp Equity for the presentation of a detailed offer for the acquisition of 88.06% of Autostrade per l'Italia held by Atlantia, with relative proposal of agreement (Memorandum of Understanding) aimed at identifying the main terms and conditions relating to the proposed transaction.
Cdp communicates this in a note.
As part of the transaction, Cdp Equity will be the first shareholder with 40% of the vehicle through which the investment will be made ('' BidCo '') and will appoint BidCo and Aspi as Chairman and CEO.
The transaction also provides for the possible entry of other Italian investors into BidCo's shareholding structure.
CDP Equity will be joined by Blackstone Infrastructure Partners and Macquarie Infrastructure and Real Assets, which will each initially own 30% of BidCo.
Blackstone and Macquarie, among the most important international investors, have the necessary financial resources and in recent months have shown, among the subjects who have expressed interest in Aspi, the greatest commitment of resources in due diligence activities in view of a possible investment.
The consortium made up of CDP Equity, Blackstone and Macquarie ('' Consorzio ''), following the offer already sent on October 19th, made a significant effort to deepen the evaluation aspects involving numerous work teams composed of professionals specialized in motorway concessions sector and consultants of international standing.
The proposal, confirming the price range already indicated above, submits an even more detailed offer which, if accepted, will lead to the identification of the final terms, conditions and price of the transaction, following a 10-week due diligence.