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Atlantia Shares Gain After Buyout Proposal From Blackstone, Benetton

By Cecilia Butini

 

Shares in Atlantia SpA rose on Thursday after it received a buyout offer from Italy's Benetton family and U.S. fund Blackstone Inc. that gives the Italian infrastructure company an equity value of around 19 billion euros ($20.69 billion).

The offer of EUR23 a share is in addition to a planned dividend of EUR0.74 a share, according to Atlantia. Including net debt, the enterprise value is approximately EUR54 billion.

At 1300 GMT, Atlantia traded 4.5% higher at EUR22.87.

The pricing of the offer seems attractive, and corresponds to a premium of 40.8% on the 12-month average price of Atlantia shares, Equita Sim analyst Roberto Letizia said in a research note.

Atlantia said the deal value includes a 5.3% premium on the official share price as of Wednesday, and a 24.4% premium on the share price as of April 5, the last day before rumors of a potential deal began. The offer would entail a delisting of Atlantia.

Alessandro Benetton, head of Edizione SpA, the Benetton family's holding company which made the offer for Atlantia, said the family sees Blackstone as a long-term partner. Mr. Benetton added that the deal is aimed at preserving the integrity and Italian identity of Atlantia.

 

Ed Frankl contributed to this article.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

April 14, 2022 09:27 ET (13:27 GMT)

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