International infrastructure operator Aleatica said on Friday it has agreed to buy a controlling stake in Italian toll road operator Brebemi from Italy's biggest retail bank, Intesa Sanpaolo <ISP.MI>.
Under the deal Aleatica, which is wholly owned by Australian IFM Global Infrastructure Fund, will purchase Intesa Sanpaolo's 56% stake in Autostrade Lombarde, which owns nearly 80% of Brebemi, in a deal valuing Brebemi at around 2 billion euros ($2.25 billion), a source close to the matter said.
The deal suggests Italian infrastructure assets still hold appeal, despite the traffic fall caused by the coronavirus crisis and a dispute between infrastructure group Atlantia <ATL.MI> and the government over the group's motorway concession.
Brebemi operates a 62-km (38-mile) motorway that connects Italy's financial capital Milan with the city of Brescia.
Intesa Sanpaolo said in a statement that the transaction is part of its strategy of disposing of non-strategic equity investments.
Aleatica was advised by Goldman Sachs International as financial advisor and by BonelliErede as legal advisor.
(Reporting by Elisa Anzolin and Francesca Landini, Editing by Francesca Piscioneri and Timothy Heritage)
