Astm takes control of Milan external ring roads and of Spa external ring road with a double contextual operation with a total value of approximately 230 million euros. The announcement, which arrived on the morning of May 13th, implies a agreement with Aspi for the purchase of the shares in Tangenziale externali Milano spa (Tem) and in Tangenziale estera spa (Te) and the pre-emption on 10.2% of the capital of Te owned by Pizzarotti.
The Astm group will therefore acquire control of the motorway concessionaire, coming to hold (in the event of failure to exercise pre-emption by the other shareholders) 77.45% of Tem and, directly and indirectly, 73.83% of You. It should be remembered that Tem holds 48.4% of Te and Astm already controlled 50% of Tem plus a share shared with Aspi and 24.92% of Te.
The agreement with Aspi worth 140 million
The first part of the operation involves the agreement with Aspi dal total value of 140 million. The contract provides for the acquisition by Astm of the shareholdings held by Aspi directly and indirectly in the Tem companies – equal to 27.45%, in addition to a 50% shared share with Satap spa -, and in Te, equal to ‘1.25%, together with the credit deriving from the shareholder loan provided by Aspi and subsidiaries in favor of Te.
Astm will pay 121.9 million to detect the shareholdings And 18.1 million to take over shareholder financing. The shareholder loan taken over consists of approximately 8.9 million in principal to which accrued and unpaid interest is added.
Pre-emption on Pizzarotti’s share
Astm has, at the same time, chosen to exercise the right of first refusal on the proposed sale to third parties by Pizzarotti of the 10.17% of Te’s capital. Also in this case the infrastructure group will take over the shareholder loan, equal to 14.8 million in principal plus interest. Overall, Astm will disburse to acquire 10.17% of Tes plus shareholder financing 89.4 million euros.
Assets under control
So what will Astm add to its portfolio? External ring road operates atoll motorway (A58) 32 km long which connects two sensitive points of the Lombardy motorway network: Agrate Brianza (A4 motorway) and Melegnano (A1 motorway). A stretch traveled on average by 30 thousand vehicles every day. The concession started in 2015 will expire in 2065. Te closed 2023 with 80 million in revenues and EBITDA of 56 million.
«External ring road is a strategic asset for the Astm group, located in the heart of the metropolitan area of Milan and the Lombardy region, one of the most industrialized and richest areas in Europe. The acquisition of control of the external ring road, an infrastructure that the group has known very well since the construction phase, allows us to strengthen our role and our presence in this territory”, he commented Umberto Tosoni, CEO of Astm. (All rights reserved)
Posting time: 05/13/2024 09:38
Last update: 05/13/2024 10:20
