Benetton family backed company Atlantia is selling its 30% stake in toll-road payment unit Telepass. Atlantia has appointed Goldman Sachs and Mediobanca to advice them in the transaction. Atlantia is seeking to pay down debt and fund growth after the acquisition of Abertis. Atlantia is expecting EUR 2 billion (US$ 2.28 billion) from the 30% stake sale.
Telepass is an electronic payment firm which operates in 11 countries in Europe. It is an electronic payment platform that allows motorway users to drive through dedicated lanes and pay the toll without stopping at the gate at no extra charge. It operates through smart devices which are attached to the windscreen of cars and motorbikes.
Atlantia is under EUR 38 billion (US$ 43.27 billion) net debt pile after the purchase of Spanish firm Abertis, and was looking to reduce the debt. Atlantia group of companies became the world´s biggest motorway operator after the purchase of Albertis. The group manages Rome´s airports, several motorways in Italy and in Latin America was negatively affected financially after the collapse of the bridge in Genoa, which was managed by its motorway company Autostrade per l’Italia.
The owner family Benetton wants to control Telepass and retain a majority stake in the company.
Atlantia has received interest from Warburg Pincus, Permira, Partners Group, CVC Capital Partners and KKR for the stake in Telepass.