24 September 2020
DISPOSAL OF INVESTMENT IN ASPI
A dual track process
Table of Contents
- Key Transaction Features
- ASPI Proposed Settlement Agreement
- Appendix
Executive Summary
• On 24 September 2020 Atlantia Board of Directors approved a dual track process for separating the
company and Autostrade per l'Italia ("ASPI")
1• Sale of ASPI entire 88% stake via a competitive auction
2• Spin-off of ASPI from Atlantia Group
- Spin-offinto a newco, Autostrade Concessioni e Costruzioni ("ACC"), of a 55% stake in ASPI and contribution of the remaining 33% stake held by Atlantia in exchange for a participation in ACC to be sold to third parties
- Atlantia shareholders to receive one new share of ACC per each Atlantia share
- Transaction would create a new listed group focused on motorway operations and construction, domestic market and defensive risk/reward profile
- EGM called to approve the plan on 30 October 2020(1)
- Transaction to allow both Atlantia and ASPI to better pursue their own strategies, leveraging on their respective strengths
- Resolution is passed with at least 2/3 of the represented capital voting in favor
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Rationale
- Atlantia and ASPI to focus on different businesses, geographies and risk/reward profiles
- Unique asset features
- Different risk/reward profiles
- Dual track procedure will guarantee a fully transparent market transaction
- Process to sell controlling stake in ASPI open to private or state-owned entities
- Equal treatment of all investors involved
- Approval of settlement agreement with the Italian Government (condition to proceed) setting a clear regulatory framework for a market transaction
- Net proceeds from the transaction to allow Atlantia to reduce its debt and / or pursue new investments
- Transaction to allow Atlantia to focus on:
- An internationally diversified investment portfolio
- New business opportunities in the "people-on-the-move" industry
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Disclaimer
Atlantia S.p.A. published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2020 12:19:00 UTC