Antin Infrastructure and Borletti Group to pay 953 mln euros for GS Retail

Antin Infrastructure and Borletti Group to pay 953 mln euros for GS Retail
Consortium Antin Infrastructures- Icamap-BG Asset Management (Borletti Group) won the auction for GS Retail with a 953 million euros bid, Grandi Stazioni Group's shareholders Ferrovie dello Stato and Eurostazioni (Edizione srl, Vianini lavori, Pirelli and Sncf) announced yesterday. The other final bidders were Altarea-APG-Predica and private equity funds managed by Lone Star and  Deutsche Asset Management. GS Retail is engaged in the renovation enhancement and management of Italy’s 14 largest railway stations, two railway  stations in Czech Republic and one commercial gallery in Naples and had been valued between 700 and 805 million euros by investors when they had put forward their non binding bids last March (see here e previous post by BeBeez). So the price paid by Antin and Borletti Group is quite higher than those valuations and higher than the bids put forward by the other bidder partecipating the final phase.  MF-Milano Finanza actually writes today that Altarea offered 806.5 million euros, Lone Star 800 millions and Deutsche Bank 744.5 millions. The sale procedure started in November and saw partecipation by 60 international industrial and financial operators, with 17 consortiums that had expressed interest,  9 of which put forward non-binding bids. Last March 5 consortiums entered the dataroom out of seven selected (see here e previous post by BeBeez and the  press release). The final closing of the deal will follow a[...]

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