Atlantiavende Autostrade to the consortium led by Cdp. The board of directors of the holding company has in fact resolved to accept the offer that values the 9.3 billion euro asset and presented by the consortium made up of Cassa and the Blackstone and Macquarie funds. After a negotiation that lasted more than nine months, the delicate reorganization of the country’s first motorway company is therefore completed, which will in fact return to state control 21 years after privatization.
In particular, the company announced that the board of Atlantia, meeting under the chairmanship of Fabio Cerchiai, also taking into account the favorable opinion expressed by 86.86% of the share capital represented at the shareholders’ meeting of 31 May 2021, approved the consortium’s binding offer. The board then mandated the chairman and chief executive officer, Carlo Bertazzo, to finalize the signing of the agreement in compliance with the deadline of 11 June.
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The terms of the agreement
The agreement, which, as mentioned, values the entire company 9.3 billion, is subject to the conditions precedent “described in the summary attached to the Explanatory Report relating to the only item on the agenda of the Shareholders’ Meeting of 31 May 2021 “. These conditions must occur by March 31, 2022 (Long Stop Date) or the other date that will be agreed between the parties, but in any case no later than June 30, 2022. In any case, the transfer agreement provides that the closing cannot in any case take place. , even if the conditions are met, before 30 November 2021.
The consortium
As is known, the consortium is led by Cassa and at the time, in commenting on the proposal together with the Blackstone and Macquarie funds, he stressed that the investment was “consistent with the approach of the consortium members as long-term investors” and replied, moreover, «with the following objectives: to promote the modernization of the network, favoring digitization and innovation; give stability to the governance of a key infrastructure for Italy in the long term; contribute to the implementation of a huge investment plan extended to the entire ASPI motorway network, with the aim of accelerating infrastructure maintenance programs, ensuring the highest standards of performance and safety for users “