Yes to Global, Italo-NTV turns American
Rome - Italo-NTV will be sold to the American Global Infrastructure Partners fund. Shareholders of Italo - Nuovo Trasporto Viaggiatori accepted the offer advanced by the USA GIP fund to purchase the entire shareholding capital of Italo. The company reported the deal in a press release in the late evening. On 8 February, a Board meeting will evaluate the offer and withdraw the application to Consob for the authorization to publish the prospectus and the admission of shares to the official listings at the Italian Stock Exchange. NTV shareholders accepted the offer for the purchase of the entire shareholding capital, valued at 1.94 billion, and will cash a 30 million Euro dividend that had been approved by the Shareholders' Meeting on 19 January; the purchasing company will pay up to 10 million for the listing process that had been set in motion. Altogether, the US fund will invest 1.98 billion. The offer allows the current shareholders to own up to 25% of capital. To be precise, it "confirms that the beneficiaries of the offer have the option of reinvesting up to 25% of the sales proceeds, at the same purchasing conditions as GIP. This option is available to one or more beneficiaries, within the maximum threshold of 25%". The sales agreement, "whose closing is conditional on the statutory clearance by the antitrust authorities" is expected to be completed by 11 February.