April 14, 2022 | Industrials | Europe | Ended

Atlantia / Edizione & Blackstone: Deal Insights

On 14-Apr-22, Blackstone and the billionaire Benetton family confirmed a voluntary tender offer for Italian infrastructure group Atlantia. The bid comes from a newly formed entity called Schemaquarantatrè, which is 65% held by Edizione, the Benetton’s investment firm, and 35% held by Blackstone. Under the terms of the offer, the acquirers will purchase all the shares of Atlantia for €23 apiece, including all treasury shares (0.84%) but excluding the 33.1% already owned by Edizione. Atlantia shareholders will also be entitled to an additional €0.74 dividend to be proposed at an Atlantia AGM on 29-Apr-22 (ex- 23-May-22, per Bloomberg). Any distribution beyond this €0.74 will result in the offer price being adjusted lower. The price represents a 5.3% one-day premium and 24.4% over the undisturbed price on 5-Apr-22. In addition to the Benetton’s roll-over stake, Blackstone will...

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