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 [e-mail]

(END) Dow Jones Newswires

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

Copyright (c) 2022 Dow Jones & Company, Inc.