Highways – Intesa Sanpaolo transfers control of the Brebemi to the Spanish Aleatica

The Intesa Sanpaolo banking group says goodbye to the Brebemi (A35), the motorway connection between Milan and Brescia, active since 2014. The bank has signed an agreement with the Spanish Aleatica to transfer all of the investments held in the project company and the parent company, Autostrade Lombarde.

The agreement. Specifically, the agreement provides that Aleatica acquire the 0,0542% of Brebemi and the 55,782% of Autostrade Lombarde (that of the project company holds the 78,9%) and replacements “in all of the non-controlling economic assets held by Intesa Sanpaolo,” the other shareholders do not exercise the right of pre-emption on the shares. The completion of the sale, in fact, is subject to, among other things, “the completion of the procedure of pre-emption statute” in favor of the other shareholders. In two companies there are several members, including public bodies, industry associations, and chambers of commerce, local banks, construction companies and motorway operators, including the Satap of the Gavio group (in the predicate, among other things, to exit the shareholder base as the same Intesa Sanpaolo) and the Milano Serravalle.

Who is Aleatica. The operation, which have not been provided the details of the economy, it is a new incursion of the Spanish in the field of motorway concessions in italy: Abertis became the largest shareholder of the Serenissima in 2016 before passing under the control of the Italian holding Atlantia in 2018. Aleatica, controlled by the IFM Global Infrastructure Fund, managed by IFM Investors (australian society of investment in turn is controlled by the 27 pension funds, non-profit), operates exclusively in the infrastructure sector: its portfolio includes 14 toll roads, three ports, a light rail system and an airport. In the segment of the highway manages 1.350 kilometres of road networks across Australia, North America, South America and Europe.

The comment. The sale, which for the Intesa Sanpaolo group is part of the divestment of shareholdings no longer strategic, it is a confirmation of a trend long in the infrastructure sector, with the transition of assets in concession, or otherwise subjected to regulations, to industrial operators and specialists. And this is what happened with the Has, as admitted by chairman Francesco Bettoni in commenting on the signing of the agreement: “the Se are particularly pleased with the choice made by our majority shareholder, Intesa Sanpaolo, after having played a key role and is fundamental to the birth, the realisation of the infrastructure, has identified in a large worldwide group is also present in the infrastructure sector as Aleatica her the perfect successor for the development, the further growth and success of the A35 Brebemi. We are happy to welcome them in our society and in our Country as an investor and operator of strategic-oriented, long-term, having a significant experience in the development and management of highways in the world. This investment comes at a time not easy for Italy (and, in general, at the global level) and represents a strong signal of confidence, not only in respect of Brebemi, but also to the economic reality of lombardy”.

Source: Quattroruote.en – Edited by Anthon K.