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February 06, 2018

Global Infrastructure Partners III makes €1.9bn bid for Italo

Written by  Marco Chiandoni
Global Infrastructure Partners III makes €1.9bn bid for Italo Keith Fender

NEW York-based investment fund Global Infrastructure Partners III (GIP) has launched a bid to acquire Italian open-access high-speed operator Italo-NTV, just weeks before its planned initial public offering (IPO) on the Milan stock exchange.

GIP is seeking to acquire a 100% stake in Italo for €1.9bn, excluding the firm’s €500m debt, which has recently been renegotiated with the issuing of a bond.

This offer was submitted on February 4 and immediately reported to all shareholders. A board meeting was scheduled for February 6 to discuss the proposal, which would enable Italo’s current investors to reinvest in the company and buy back a 25% stake.

GIP has indicated it intends to retain Mr Luca Cordero di Montezemolo as chairman of Italo and Mr Flavio Cattaneo as CEO if the deal is approved.

In the meantime, Italo is continuing with preparations to float 40% of its stock in an IPO at the end of this month.