F2i to buy Italian road stake for €65m

The Italian infrastructure fund manager has agreed to acquire a 7.4% interest in Autostrada Brescia Verona Vicenza Padova from the municipalities of Padua and Vicenza. The deal is scheduled to complete by the middle of next year.

Fondi Italiani per le Infrastrutture (F2i), the Milan-based infrastructure fund manager, has signed a preliminary contract for the €64.8 milion purchase of a 7.4 percent stake in an Italian motorway, the Autostrada Brescia Verona Vicenza Padova. The motorway comprises a 182-kilometre network in the north and north-east of Italy.

F2i will acquire the stake from the Municipality of Padua, to which it will pay €33.5 million, and the Municipality of Vicenza, which will receive €31.3 million. According to an F2i statement, the transaction is expected to complete by the end of June 2012.

F2i already has a 26 percent interest in Infracis, which it acquired in January 2009. Infracis is a holding company with investments in a number of Italian motorways, including the Autostrada Brescia Verona Vicenza Padova.

Last month, F2i sold a 22.7 percent stake in Interporto Rivalta Scrivia – described as ‘one of the leading dry ports in Italy’ – to Fagioli Finance, a subsidiary of transport group Fagioli.

Also last month, it successfully clinched a €2.1 billion loan from 12 banks, together with France’s AXA Private Equity, to consolidate its Italian gas distribution businesses.