Edizione and Blackstone Infrastructure’s Acquisition of Atlantia

Simpson Thacher, Legance and McCarthy Tetrault advised Blackstone on the deal, while Gatti Pavesi Bianchi Ludovici represented Edizione on the deal. Shearman & Sterling represented certain financing sources. Darrois Villey Maillot Brochier advised Edizione and Blackstone.

Edizione and Blackstone have announced their voluntary tender offer aimed at acquiring all of the outstanding ordinary shares of Atlantia S.p.A for consideration equal to €23 for each share tendered. The offer is made through Schemaquarantatrè S.p.A., a joint stock company comprised of Sintonia, which is owned by Edizione S.p.A., and funds affiliated with Blackstone Infrastructure Partners.

Edizione and BIP’s bid will be financed with €8.2 billion of bank debt from a group including Bank of America Merrill Lynch, Goldman Sachs, Mediobanca, JPMorgan, Intesa Sanpaolo and Unicredit.

Edizione S.p.A. is a financial holding company controlled by the Benetton family that oversees the family’s vast business, ranging from transportation infrastructure to apparel, fast food and digital infrastructure, and real estate and agriculture.

Atlantia S.p.A. (formerly Autostrade S.p.A.) is an Italian  company operating in the freeway and airport infrastructure and mobility services sector, with a presence in 11 countries. The group manages 9,400 kilometers of toll freeways, Fiumicino and Ciampino airports in Italy and Nice Côte d’Azur airport in France, handling a total of around 60 million passengers per year.

The Blackstone Group is one of the world’s largest financial firms, specializing in private equity, real estate investments, hedge funds, leveraged buyouts and investment strategies. Blackstone is also the world’s largest alternative investment firm with assets under management of more than $457 billion.

The Legance team included Filippo Troisi (Picture), Francesco Florio, Marco Sagliocca, Marino Ghidoni, Paolo Antonio Mulas, Federico Vitale, Carlotta Giani, Emilio De Niro and Giovanni Manno (Corporate M&A); Andrea Giannelli, Tommaso Bernasconi, Marco Gagliardi, and Federico Liberali (Banking); Francesco Di Bari (Tax); Simone Ambrogi, Giacomo Testa and Francesco Mataluni (Government Contracts); Valerio Mosca and Fabiana Ciavarella (Golden Power).

The Simpson Thacher team included Geoff Bailhache, James Campisi, Paul Foote, Tory Hansen and John Nalen (Corporate); Sinead O’Shea, Claire Williams, Gert Raig, Kavita Davis, Ashley Bannister and Tom Lort (Finance); Nick Shaw and William Taylor (Capital Markets); Étienne Renaudeau, Ross Ferguson and Silvia Bonomelli (Antitrust); Owen Lysak (Regulatory); and Yash Rupal and Caleb McConnell (Tax).

The Gatti Pavesi Bianchi Ludovici team included Carlo Pavesi, Francesco Gatti, Gianpaolo Scandone, Federico Cenzi Venezze, Vittorio Cavajoni, Roberto Gambino and Emanuele Borelli (Corporate M&A); Rossella Pappagallo, Maximilano Roberto Papini and Carlotta Corba Colombo (Capital markets); Paolo Ludovici (Tax); Filippo Arena, Stefano Grassani and Elisabetta Patelli (Golden Power); Andrea Limongelli and Stefano Motta (Banking).

The Shearman & Sterling team included Sanjeev Dhuna, Rahul Chatterji, Ben Burton, Jackson Lam, Lauren Winter, and Tom Capper.

The Darrois Villey Maillot Brochier team included Bertrand Cardi, Forrest Alogna, Henri Savoie, Patrick Mèle, Martin Lebeuf, Sami Tareb.

The McCarthy Tetrault team included Jonathan See, Hailey Schenker (Business), Raj Juneja (Tax), and Jason Gudofsky (Competition).

Involved fees earner: Forrest Alogna – Darrois Villey Maillot Brochier; Bertrand Cardi – Darrois Villey Maillot Brochier; Martin Lebeuf – Darrois Villey Maillot Brochier; Henri Savoie – Darrois Villey Maillot Brochier; Sami Tareb – Darrois Villey Maillot Brochier; Filippo Arena – Gatti Pavesi Bianchi Ludovici; Emanuele Borelli – Gatti Pavesi Bianchi Ludovici; Vittorio Cavajoni – Gatti Pavesi Bianchi Ludovici; Federico Cenzi Venezze – Gatti Pavesi Bianchi Ludovici; Carlotta Corba Colombo – Gatti Pavesi Bianchi Ludovici; Roberto Gambino – Gatti Pavesi Bianchi Ludovici; Stefano Grassani – Gatti Pavesi Bianchi Ludovici; Andrea Limongelli – Gatti Pavesi Bianchi Ludovici; Paolo Ludovici – Gatti Pavesi Bianchi Ludovici; Stefano Motta – Gatti Pavesi Bianchi Ludovici; Maximiliano Papini – Gatti Pavesi Bianchi Ludovici; Rossella Pappagallo – Gatti Pavesi Bianchi Ludovici; Elisabetta Patelli – Gatti Pavesi Bianchi Ludovici; Carlo Pavesi – Gatti Pavesi Bianchi Ludovici; Gianpaolo Scandone – Gatti Pavesi Bianchi Ludovici; Simone Ambrogi – Legance; Tommaso Bernasconi – Legance; Fabiana Ciavarella – Legance; Emilio De Niro – Legance; Francesco Di Bari – Legance; Francesco Florio – Legance; Marco Gagliardi – Legance; Marino Ghidoni – Legance; Carlotta Giani – Legance; Andrea Giannelli – Legance; Federico Liberali – Legance; Giovanni Manno – Legance; Francesco Mataluni – Legance; Valerio Mosca – Legance; Paolo Antonio Mulas – Legance; Marco Sagliocca – Legance; Giacomo Testa – Legance; Filippo Troisi – Legance; Federico Vitale – Legance; Jason Gudofsky – McCarthy Tétrault; Raj Juneja – McCarthy Tétrault; Hailey Schenker – McCarthy Tétrault; Jonathan See – McCarthy Tétrault; Ben Burton – Shearman & Sterling; Tom Capper – Shearman & Sterling; Rahul Chatterji – Shearman & Sterling; Sanjeev Dhuna – Shearman & Sterling; Jackson Lam – Shearman & Sterling; Lauren Winter – Shearman & Sterling; Geoffrey Bailhache – Simpson Thacher & Bartlett; Ashley Bannister – Simpson Thacher & Bartlett; Silvia Bonomelli – Simpson Thacher & Bartlett; James Campisi – Simpson Thacher & Bartlett; Kavita Davis – Simpson Thacher & Bartlett; Ross Ferguson – Simpson Thacher & Bartlett; Paul Foote – Simpson Thacher & Bartlett; Tory Hansen – Simpson Thacher & Bartlett; Tom Lort – Simpson Thacher & Bartlett; Owen Lysak – Simpson Thacher & Bartlett; Caleb McConnell – Simpson Thacher & Bartlett; Jack Nalen – Simpson Thacher & Bartlett; Sinead O’Shea – Simpson Thacher & Bartlett; Gert Raig – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett; Yash Rupal – Simpson Thacher & Bartlett; Nicholas Shaw – Simpson Thacher & Bartlett; William Taylor – Simpson Thacher & Bartlett; Claire Williams – Simpson Thacher & Bartlett;

Law Firms: Darrois Villey Maillot Brochier; Gatti Pavesi Bianchi Ludovici; Legance; McCarthy Tétrault; Shearman & Sterling; Simpson Thacher & Bartlett;

Clients: Bank of America Merrill Lynch; Blackstone; Edizione Holding; Goldman Sachs; Intesa Sanpaolo S.p.A.; JP Morgan; Mediobanca; UniCredit Bank AG;

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Author: Youness Semri