Macquarie Group part of $14bn Autostrade per l’Italia purchase

Macquarie Group’s asset management arm is part of a consortium snapping up a majority stake in one of Europe’s largest toll road operators.

Macquarie is part of a consortium buying an interest in Autostrade per l’Italia S.p.A, one of Europe’s largest toll road operators. Picture: Bloomberg

Macquarie Group’s asset management arm is part of a consortium that is snapping up a majority stake in Autostrade per l’Italia S.p.A, one of Europe’s largest toll road operators, in a €9.3bn ($14.6bn) deal.

In a joint statement over the weekend, CDP Equity, Blackstone Infrastructure Partners and Macquarie said they had inked an agreement with the Benetton family’s Atlantia to acquire its almost 88.1 per cent equity interest in Autostrade per l’Italia S.p.A. (ASPI).

The toll road operator and its subsidiaries are responsible for the development, maintenance and management of motorways throughout Italy, representing about half of the country’s tolled motorway system.

The consortium also flagged it would “initiate an exploratory dialogue” with ASPI’s minority shareholders to better gauge their views on their residual holding.

The transaction is being done through newly formed entity Holding Reti Autostradali, which is 51 per cent owed by CDP Equity, an Italian state-owned enterprise. Blackstone Infrastructure accounts for 24.5 per cent of the new vehicle, while funds managed by Macquarie also own 24.5 per cent.

The consortium was successful after a rival offer by infrastructure firm ACS, backed by Real Madrid president Florentino Pérez, failed to secure Italian government backing.

Autostrade has been under pressure since 2018 when a bridge run by the company gave way, killing 43 people.

The buying group said it expected that the acquisition would be completed in the coming months, after the satisfaction of closing conditions and approvals.

The statement said the consortium’s main objectives relating to the Autostrade investment included contributing to the implementation of an “extensive investment plan” covering the motorway network, and promoting its upgrade to facilitate digitisation.

It also wants to improve the efficiency of infrastructure maintenance programs “to ensure the highest standards of safety” and provide long-term stability to the ASPI’s governance.