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MACQUARIE GROUP LIMITED

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CDP-led consortium to start talks with ASPI's minority investors as it agrees to buy 88%

06/12/2021 | 03:24am EDT

MILAN, June 12 (Reuters) - A consortium led by the Italian state lender CDP said on Saturday it had signed an agreement with Atlantia to buy a 88% stake in its motorway unit and would start talks with minority shareholders who have an option to sell their holdings.

The agreement, under which Autostrade per l'Italia (ASPI) is valued at 9.3 billion euros ($11.26 billion), is backed by the Italian government, which has been seeking to regain control of Autostrade ever since a bridge run by the toll-road company in Genoa gave way on Aug. 14, 2018, causing the death of 43 people.

ASPI is one of the leading motorway operators in Europe and manages over 3,000 km of motorways in Italy, with long-term concessions.

The acquisition will be made through a new vehicle dubbed Holding Reti Autostradali (HRA), in which CDP will hold 51%, while Blackstone Infrastructure Partners and Macquarie will hold 24.5% each, they said in a statement.

The completion of the deal is expected no later than June 30, 2022.

Germany's Allianz and funds DIF, EDF Invest and China's Silk Road Fund, which own the remaining 11.9% of Autostrade, have an option to sell their stakes to the CDP consortium under the same conditions.

"Following the agreement reached today with Atlantia, the consortium will start explorative talks in order to understand the position of ASPI's minority shareholders, which have a right to sell the remaining 11.94% of the company", CDP and its allies added. ($1 = 0.8260 euros) (Reporting by Gianluca Semeraro Editing by Frances Kerry)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -0.71% 210 Delayed Quote.4.63%
ATLANTIA SPA 0.00% 15.3 Delayed Quote.3.98%
ELECTRICITÉ DE FRANCE -1.86% 10.265 Real-time Quote.-20.40%
MACQUARIE GROUP LIMITED -0.15% 156.9 End-of-day quote.13.30%
THE BLACKSTONE GROUP INC. -1.23% 115.27 Delayed Quote.77.86%
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Financials
Sales 2022 13 241 M 9 724 M 9 724 M
Net income 2022 3 100 M 2 277 M 2 277 M
Net Debt 2022 63 638 M 46 736 M 46 736 M
P/E ratio 2022 18,9x
Yield 2022 3,33%
Capitalization 55 493 M 40 768 M 40 754 M
EV / Sales 2022 9,00x
EV / Sales 2023 10,8x
Nbr of Employees 16 459
Free-Float 92,5%
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Number of Analysts 11
Last Close Price 156,90 AUD
Average target price 162,98 AUD
Spread / Average Target 3,88%
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Shemara Wikramanayake Chief Executive Officer, MD & Executive Director
Alex H. Harvey CFO & Head-Financial Management Group
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Corporate Operations Group
Diane Jennifer Grady Independent Non-Executive Director
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