Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) has successfully closed a €1.04 billion (US$ 1.18 billion) refinancing deal for Tangenziale Esterna S.p.A., (TE), a key infrastructure asset within the ASTM Group in Italy.

The transaction involves a €1.04 billion (US$ 1.18 billion) refinancing package for TE, the operator of the Tangenziale Est Esterna di Milano (A58), a critical bypass road in Milan. In 2024, ASTM Group acquired majority stakes in both Tangenziale Esterna S.p.A. (TE) and its holding company, Tangenziali Esterne di Milano S.p.A. (TEM), from Autostrade per l’Italia (ASPI), Amplia Infrastructures, and Impresa Pizzarotti & C. S.p.A. The total consideration for these acquisitions was approximately EUR 140 million (US$ 159 million). Following the acquisitions, ASTM holds a 77.45% stake in TEM and a 73.83% stake in TE, granting it full control over the governance of both entities. 

The A58 bypass is a vital infrastructure asset in the Lombardy region, one of Europe's most industrialized areas. ASTM's increased control over TE and TEM aligns with its strategy to strengthen its presence in key transportation corridors.