Atlantia Set to Sell $1.2 Billion Stake in Telepass Unit
Atlantia Set to Sell $1.2 Billion Stake in Telepass Unit
(Bloomberg) --
Atlantia SpA agreed to sell a minority stake in its Telepass electronic toll-payment unit to Partners Group Holding AG for 1.06 billion euros ($1.24 billion), in a deal designed to build a pan-European alliance for digital payments.
Atlantia’s sale of 49% of Telepass requires regulatory approval, which should be received in the first half of next year, Atlantia said in an emailed statement. Telepass has more than 7 million clients and more than 12 million devices in service and generates more than 7 billion euros in sales, Atlantia siad.
Telepass handles electronic tolls on highways in Italy, France, Spain and Portugal. The company also helps drivers pay for parking, city congestion charges and ferries in its home country, as well as providing insurance and fleet-management services.
Atlantia said it was advised by Goldman Sachs Group Inc., Intesa Sanpaolo SpA and Mediobanca SpA.
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