Benettons-Blackstone Buyout Deal Values Atlantia At 24.4% Premium

Italy's Benetton family and Blackstone Inc BX have proposed a buyout offer for Atlantia ATASF that values the airport and motorway operator at €58 billion ($63 billion) and intends to take it private, reports Reuters.
The bid also marks the beginning of a new era for Atlantia, which is selling its domestic motorway company to end a political conflict sparked by a catastrophic bridge collapse in 2018.
The sale will cut Atlantia's end-2021 debt of €38.6 billion and will bring €8 billion into its coffers.
The Benettons and Blackstone said they would pay €23 per share, a 24.4% premium over the share price on April 5, before speculation about the offer fueled increases. The premium grows when it is considered that investors who tender their shares will still get the planned dividend of €0.74 per share.
The Benetton and Blackstone plan to spend up to €12.7 billion, financed in part with €8.2 billion in debt.
Atlantia operates five airports and nearly 10,000 kilometers of motorway worldwide. With the Benettons already owning 33% of Atlantia, the proposal aims for 66.9% of the group's share capital and is conditional on passing a 90% acceptance requirement.
On December 31, 2021, Blackstone had $6.9 billion in total cash and cash equivalents, corporate treasury, and other investments.
Price Action: BX shares are closed higher by 2.65% at $116.44 on Wednesday.