Atlantia set to be delisted as buyout bid reaches 90% threshold By Reuters

MILAN (Reuters) -A buyout provide launched by the Benetton household and U.S. funding fund Blackstone (NYSE:) for Italy’s Atlantia has reached the 90% threshold for the deal to proceed and set off the corporate’s delisting, the bidders mentioned on Thursday.

The bid initially failed to succeed in the brink however was then reopened for an additional 5 days and closes on Friday.

The bidders’ car named Schema Alfa mentioned in a press release the deliberate delisting would occur “as quickly as attainable within the following weeks”.

The enterprise worth of the deal was round 54 billion euros ($56.32 billion) based mostly on Atlantia’s debt degree on the finish of final yr. That makes it the fourth largest deal worldwide introduced to this point this yr, in accordance with Refinitiv knowledge.

The Benettons started the bid with Blackstone in April after they rejected an method by funding funds International Infrastructure Companions (GIP) and Brookfield to amass Atlantia and hand its motorway concessions to Florentino Perez’s Spanish development group ACS.

Atlantia shares closed at 22.95 euros on Wednesday, just under the 23 euros per share Schema Alfa is providing to pay.

($1 = 0.9588 euros)