For the sale of a 49% stake in Telepass, a toll-road payment business, Italy’s Atlantia finds the expertise firm, as it has announced the selection of a private equity firm named Partners Group to kick-start the exclusive talks for the sale.
The infrastructure group which backs Benetton, said the exclusivity period with Partners Group is subject to last until Sept. 30. The overall value of the offer for Telepass business received from the private equity firm worths more than 2 billion euros or $2.4 billion including the debt.
As Atlantia is also the 88% stakeholder of a motorway company Autostrade per l’Italia, so the deal can help the company bringing rapid transformation to its Italian tollroad payments unit for consumers and businesses with a European multi-service platform. The auction of toll-road payment business of Telepass is being conducted under the Banca IMI, Goldman Sachs and Mediobanca.
Previously Warburg Pincus and Neuberger Berman set the consortium for buying Telepass with an offer but Partners Group made the highest bid to win the streak to bring the deal on to next phase on table. While Partners Group also gets promoted for Telepass acquisition after delivering a business plan that included better governance terms.
The auction achieved the momentum again in June as in last year, it went delay after a dispute between Atlantia and the Italian government about the motorway concession provided by group.