Global Infrastructure Partners agrees to acquire Italo

The €1.98bn bid would equate to more than 12x the company's 2017 EBITDA.

Having accepted GIP's offer, Italo announced on 8 February the withdrawal of its application to list on the Italian stock exchange.

The high-speed rail operator, owner of Italo trains, was due to list on the market by the end of February with a free float between 35-40%.

The vehicle used for the transaction was Global Infrastructure Partners III, the third equity fund raised by GIP, which makes investments in infrastructure assets in the energy, transport, water distribution and waste management sectors. The firm manages around $40bn for its investors overall.

According to Italo, its shareholders will be able to reinvest up to 25% of the proceeds deriving from the sale on the same terms applied to GIP, which will be holding at least 75% of the company.

Italo's shareholders include Intesa Sanpaolo, with a 18.8% stake; Diego della Valle, with a 17.1% stake controlled through MDP Holding Due and Fa.Del; Generali Financial Holdings, with a 14.6% stake; and Luca Cordero di Montezemolo, with a 12.7% stake.

In 2017, Italo generated an EBITDA of €155.7m on revenues of €454.9m.

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• Topics
• Buyouts
• Southern Europe
• Infrastructure
• Italy
• Global Infrastructure Partners