The Board of Directors of Nuovo Trasporto Viaggiatori (Italo, NTV) decided, on February 7, to accept the EUR 1.98 billion offer made by Global Infrastructure Partners III (GIP) for the purchase of the entire share capital of Italo.
GIP, an international infrastructure investor which manages USD 40 billion for its investors, earlier announced that it is ready to purchase the Italian railway operator, by paying EUR 1.9 billion, excluding the debt. Thus, GIP increased its offer to EUR 1.98 billion, also, excluding debt.
The offer published by Italo on February 5 includes the possibility of Italo’s shareholders to reinvest up to a maximum of 25% in the group; the granting of a put option for the sale of the entire reinvestment, to be exercised, as per 50% of the reinvestment, after the third year and, as per the remaining 50%, after the fifth year, on terms and conditions to be previously agreed; the willingness to consider, upon completion of the potential purchase, an incentive plan to the benefits of executives and employees. In addition, within the offer, the Chairman (Luca Cordero di Montezemolo) and CEO (Flavio Cattaneo) will retain their managing role in Italo.
Italo is Italy’s first private high-speed rail operator and owns a train fleet is made up of 25 latest-generation AGV 575 trains that can run at very high speed, up to 360 km/h and 17 new Italo EVO.
Italo trains serve 14 cities, including Roma Termini, Milano Centrale, Verona, Brescia and Ferrara, and 19 stations. In 2017 Italo carried over 13 million passengers.
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