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Atlantia set to be delisted as buyout bid reaches 90% threshold By Reuters

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© Reuters. FILE PHOTO: The brand of an infrastructure group Atlantia is seen outdoors their headquarters, in Rome, Italy October 5, 2020. REUTERS/Guglielmo Mangiapane

MILAN (Reuters) -A buyout supply launched by the Benetton household and U.S. funding fund Blackstone (NYSE:) for Italy’s Atlantia has reached the 90% threshold for the deal to proceed and set off the corporate’s delisting, the bidders mentioned on Thursday.

The bid initially failed to achieve the brink however was then reopened for an additional 5 days and closes on Friday.

The bidders’ automobile named Schema Alfa mentioned in an announcement the deliberate delisting would occur “as quickly as doable within the following weeks”.

The enterprise worth of the deal was round 54 billion euros ($56.32 billion) primarily based on Atlantia’s debt stage on the finish of final yr. That makes it the fourth largest deal worldwide introduced up to now this yr, in response to Refinitiv knowledge.

The Benettons started the bid with Blackstone in April after they rejected an method by funding funds International Infrastructure Companions (GIP) and Brookfield to accumulate Atlantia and hand its motorway concessions to Florentino Perez’s Spanish building group ACS.

Atlantia shares closed at 22.95 euros on Wednesday, slightly below the 23 euros per share Schema Alfa is providing to pay.

($1 = 0.9588 euros)

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