Aurelia S.r.l., the financial holding company of the Gavio family, and Ardian have entered into a non-binding memorandum of understanding to develop a strategic partnership aimed at strengthening the ASTM/Sias Group in the infrastructure sector.
The non-binding memorandum of understanding entered into by Aurelia and Ardian provides for the incorporation of a new company to which the controlling stake in ASTM and Sias will be transferred via de-merger.
The same memorandum of understanding provides that Aurelia will retain sole control on such new company and, therefore, the sole control on ASTM and Sias, while the Ardian fund will acquire from Aurelia a minority stake, equal to 40 percent, of the new company, having certain rights protecting its investment. The non-binding memorandum of understanding does not provide for any put option in favor of Aurelia, nor any call option in favor of Ardian Infrastructure. In fact, Aurelia intends to maintain, and will maintain also after the completion of the transaction, the full and exclusive control of both ASTM and Sias.
Aurelia, through Argo Finanziaria, holds a controlling stake in ASTM S.p.A, and in Sias S.p.A. — industrial holding companies which shares are traded on the stock exchange managed by Borsa Italiana (MTA) — with activities ranging from the management of motorway concessions to EPC Contractor sector, from engineering to technology applied to mobility.
The ASTM/Sias Group is the world’s fourth largest operator in the management of toll motorway concessions with more than 43,000 square feet of network under concession in Italy, Brazil and in the United Kingdom, and, through Itinera S.p.A., with an order book of more than €4 billion ($4.8 billion), is one of the world’s leading operators in the realization of major infrastructure works.
