Atlantia to Sell Impregilo Stake to Gavio in Swap for Chile Motorway Stake

Atlantia SpA (ATL)’s Autostrade per l’Italia toll-road division agreed to sell its stake in builder Impregilo SpA (IPG) to Gavio Group’s Argo Finanziaria division in a cash and asset-swap that helps it expand in South America.

ArgoFin will get Atlantia’s 33 percent stake in IGLI, the biggest investor in Impregilo with a 29.96 percent holding, for 87.6 million euros ($117.8 million), Rome-based Atlantia said in a statement yesterday. Gavio’s Societa Iniziative Autostradali & Servizi (SIS) toll-road unit will shift its 45.765 percent stake in Autostrade Sudamerica, which controls Chile’s Autopista do Pacifico motorway, to Autostrade per l’Italia for 565.2 million euros, SIAS and Atlantia said in separate statements.

Atlantia, Italy’s biggest toll-road operator, predicted in December that earnings this year will rise as it wins contracts outside its home market. The transactions with Gavio will help fulfill a strategy of expanding “in countries with the highest growth potential,” Atlantia said today.

Autostrade per l’Italia will also buy a further 8.5 percent of Autostrade Sudamerica from Mediobanca SpA (MB) for 104.6 million euros, Atlantia said. The transfer of stakes in Autostrade Sudamerica from SIAS and Mediobanca is expected by June 30, it said.

A call option for SIAS to buy Autostrade per l’Italia’s 99.98 percent stake in Turin-Savona toll road in Italy for 223 million euros is also included in the agreement, SIAS and Atlantia said. The option is set to expire on Sept. 30.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net

To contact the editor responsible for this story: James Ludden at jludden@bloomberg.net

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