Rome, 23 December 2020 – At its meeting yesterday, the Board of Directors of Cassa Depositi e Prestiti (CDP) gave CDP Equity the green light to submit a non-binding letter of offer for the equity investment in Autostrade per l’Italia (ASPI) by the consortium composed of CDP Equity, Blackstone Infrastructure Partners (Blackstone) and Macquarie Infrastructure and Real Assets (MIRA). The new offer updates the previous one regarding, among other things, the results of the ongoing due diligence, its impact on the economic valuation and the process and timing for submitting a binding offer.
The information provided to the Board is in line with the proposals made by CDP in the previous offers sent to Atlantia on 19 and 27 October, respectively, and is consistent with the subsequent steps in the negotiations contained therein.
The transaction involves the Consortium’s acquisition of Atlantia’s entire 88.06% equity investment in ASPI. The Consortium would acquire the equity investment in ASPI through a BidCo in which CDP Equity would hold an equity investment of up to 51% and Blackstone and MIRA would hold equal stakes in the remaining part.
The letter sent to Atlantia today, the terms and principles it contains the Consortium hopes will be accepted, reaffirms the intention to proceed swiftly with the technical due diligence process, which, given the extensive volume of documents and the numerous aspects to be analysed that have emerged in recent weeks, will require more in-depth analysis before a binding offer can be made.