Muristek
The logo of infrastructure group Atlantia in Rome, Italy October 5, 2020. — Reuters pic
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MILAN, April 14 — The Benetton family and the Blackstone investment firm launched today a buyout bid for Italian motorway and airport group Atlantia in a deal valuing the company at €48 billion (RM221 billion) including debt.
The family behind the Benetton fashion stores is already Atlantia’s main shareholder, with a 33.1-per cent stake in the company, and the offer seeks to preempt a potential rival bid from Spanish infrastructure group ACS.
Under the deal, Atlantia shareholders would get €23 per share, along with a 0.74-euro dividend, valuing the group at €19 billion and making it one of the biggest take-over bids this year.
The buyers will have to pay €12.7 billion for the 66.9-per cent stake that the Benetton family does not already own, and they would inherit Atlantia’s net debt of €29 billion.
The Benettons — a name more famous for fashion stores — considers Atlantia as a strategic asset.
The buyout would allow Benetton to shield Atlantia from takeovers that would disrupt the family’s investment plans.
The Benettons own 65 per cent of the investment vehicle being used for the transaction while Blackstone controls 35 per cent.
Atlantia employs more than 30,000 people in 24 countries. It runs five airports in France and Italy as well as motorways in 10 countries.
Benetton’s holding company, Edizione, last week rejected an unsolicited approach from ACS regarding Atlantia.
The Spanish group, which is headed by Real Madrid president Florentino Perez, could try to outbid Benetton as it is flush with liquidity following the sale of its energy business to French group Vinci for almost €5 billion. — AFP