Atlantia’s ADR stake sale terms not yet showed to Adia
Atlantia [BIT:ATL] is expected to inform Abu Dhabi Investment Authority (Adia) about the terms agreed with Gingko Tree Investment on the sale of a 15% stake in Aeroporti di Roma (ADR) only after the transaction with the Chinese investment vehicle is finalized, it is understood.
Atlantia is selling a 30% stake in ADR. A first 15% stake is expected to be sold to Gingko Tree investment while a further 15% stake has been reserved to Adia, provided it can match price and conditions agreed with the other 15% buyer, it was noted.
But considering Adia has not been briefed so far about what these conditions are it might have some room for negotiation, it was said. For this reason, talks with the sovereign fund were said to be potentially taking some time.
Atlantia was described as being particularly keen to have commitments from investors on supporting ADR’s inorganic expansion and investments plans.
Meanwhile, closing of the 15% stake sale to Gingko Tree could be a matter of days, this news service has learnt .
The parties are just finalising some legal aspects of the contract but main negotiating points have been agreed upon, it was added. No firm deadline was said to have been fixed to reach an agreement.
Gingko Tree was said to have become the preferred bidder as it was the only potential acquirer able to meet Atlantia’s minimum price expectations. Atlantia had placed around a EUR 4bn price tag on the Rome airports operator, valuing the 30% stake at around EUR 1.2bn, as previously reported.
Floor price for the 15% stake was said to be around half that amount.
ADR manages the two main airports of the Italian capital, Fiumicino and Ciampino.
Atlantia could not immediately be reached for comment.