Investment fund Ardian has agreed to pay 850 million euros ($985 million) to create a strategic partnership with Italy’s Gavio group to support the growth of motorway infrastructure companies ASTM-SIAS.
Under the deal Ardian will buy a 40 percent stake in Nuova Argo Finanziaria, the vehicle which owns 58.6 percent of ASTM (ATMI.MI) which in turn owns 63.4 percent of SIAS (SIS.MI)
Nuova Argo Finanziaria is owned by Aurelia, a holding company controlled by Gavio.
The strategic partnership is designed to boost the role of Gavio as a global infrastructure player.
Aurelia and Ardian said in a joint statement Aurelia will receive up to 95 million euros of the sum paid by Ardian under certain conditions by way of an earn-out.