Benettons, Blackstone buyout proposal values Atlantia at $63 bln

Industry:    1 month ago

Italy’s Benetton family and U.S. investment fund Blackstone have proposed a 58 billion euro ($63 billion) buyout offer for Atlantia, to take it private and stave off rival interest for the airport and motorway operator.

Highlighting the appeal of the infrastructure sector, the deal would be this year’s second-biggest M&A transaction globally after Microsoft’s $69 billion acquisition of Activision Blizzard.

Alessandro Benetton, chairman of the family holding company Edizione since January, said one of the aims was to preserve the integrity of Atlantia and its Italian identity, adding they had found in Blackstone a long-term co-investor and partner.

Edizione owns a third of Atlantia.

The bid heralds a new phase for Atlantia which is selling its domestic motorway unit to draw a line under a political dispute sparked by a deadly bridge collapse in 2018.