Global toll road operator Aleatica enters Italy with investment in Brebemi

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Aleatica S.A.U. (“Aleatica”) is pleased to announce today that an agreement has been executed to acquire from Intesa SanPaolo (“ISP”) its controlling equity interests associated with Societa’ di Progetto Brebemi S.p.A. (“Brebemi”).

The transaction has been worked on over several months and agreed on a bilateral basis under an exclusivity agreement with ISP, which is Italy’s largest bank.

Brebemi operates a 62km toll road that commenced operations in 2014 and connects Milan and Brescia, in the Lombardy region of Italy which is one of the most affluent and industrialized regions in the country and Europe. Brebemi operates under a long-term concession agreement, which expires in 2040.

Ken Daley, CEO of Aleatica, said “Brebemi is a high quality operating asset in a strategic geographical position that is supported by a robust regulatory framework. It is an ideal investment to expand the Aleatica portfolio.”

Aleatica is wholly owned by IFM Global Infrastructure Fund, which is advised by IFM Investors (“IFM”). IFM is a global institutional investment manager owned by 27 world-leading pension funds. IFM takes a long-term view of its investments on behalf of its pension funds and other institutional investors. IFM is one of the largest infrastructure investors in the world, managing a global portfolio of infrastructure assets worth €38 billion [1]. In the toll-roads sector, IFM manages c. 1,350km of roads in Australia, North America, South America and Europe.

This investment adds to Aleatica’s diversified portfolio of transportation infrastructure concessions, currently with 19 assets across five countries and represents IFM and Aleatica’s first investment in Italy.

The transaction follows the strategy of building on Aleatica’s track record of successfully developing and operating transportation infrastructure assets in Europe and Latin America to become the preferred provider of sustainable transport solutions.

Ken Daley, CEO of Aleatica also said “We firmly believe in the long-term fundamentals of Italy and, in particular, the Lombardy region. We are very pleased to commence our partnership with Intesa SanPaolo.”

Francesco Bettoni, Executive Chairman of Brebemi, said “We are excited to welcome our new majority shareholder to our company and our country. This investment comes at a challenging time for Italy (and globally). It sends a strong signal of confidence in the asset and the long term potential of Lombardy.”

The investment provides Aleatica with a highly strategic asset and a strong position to participate in further infrastructure investment opportunities in Italy over time.

Roberto Hombrados, Head of Business Development of Aleatica, said “We are keen to leverage the Aleatica platform and Brebemi’s management to pursue in-country investments. In particular, we look forward to identifying additional partnership opportunities with ISP, which is Italy’s leading bank and a truly institutional part of Lombardy.”

The transaction is subject to certain regulatory approvals and consents. It is expected that financial close could occur not earlier than October 2020.

Aleatica was advised by Goldman Sachs International as financial advisor and by BonelliErede as legal advisor.

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[1] As of end of March 2020.