Autostrade per l’Italia S.p.A. 88.06% Atlantia, 6.94% Appia Investments S.r.l., Silk Road Fund 5% https://www.autostrade.it/it/
Description of the transaction
The sale of an 11.94% stake in Autostrade per l’Italia was completed on 26 July 2017, involving:
- the sale of a 6.94% interest to a consortium consisting of Allianz Capital Partners, acting for the Allianz group, EDF Invest and DIF;
- the sale of a 5% interest to Silk Road Fund.
Strategic rationale for the transaction
The transaction above all marks the initiation of a solid partnership with leading investors over the long term, with whom it will be possible to extend the partnership to include other growth projects in countries of mutual interest.
Description of the partners
Allianz Capital Partners
is the in-house asset management firm for the Allianz insurance group’s alternative investments. With offices in Munich, London, Luxemburg, New York and Singapore, Allianz Capital Partners manages approximately €38 billion in alternative assets. Its investments are concentrated in infrastructure , renewables and private equity funds. Allianz Capital Partner’s investment strategy aims to generate stable long-term returns by diversifying the investment portfolio of the Allianz group’s insurance companies. https://www.allianzcapitalpartners.com/
The Allianz group
is one of the world’s leading insurance and asset management companies, serving over 100 million corporate and retail customers in more than 70 countries. Allianz customers have access to a wide range of dedicated insurance products for businesses and private clients, including property, life and health insurance, support services, credit insurance and global business insurance. Allianz is one of the largest asset managers in the world, managing an investment portfolio worth over €790 billion on behalf of its customers, whilst the asset managers, Allianz Global Investors and PIMCO, manage a further €1.7 trillion in third-party assets. https://www.allianz.com/en.html
EDF Invest is the unlisted division of the EDF group responsible for investing the dedicated asset portfolio created to cover the cost, over time, of decommissioning the group’s French nuclear power plants. EDF Invest manages approximately €7 billion in assets, focusing on 3 asset classes: Infrastructure, Real Estate and Private Equity. EDF Invest is already a partner of Atlantia through its 25% interest in Azzurra Aeroporti, which in 2016 acquired a 64% stake in Aéroports de la Côte d’Azur.
DIF Capital Partners
is an independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in high-quality infrastructure, including water, transport, renewable energy, regulated public services and other infrastructure projects in North America, Europe, South America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxemburg, Madrid, Toronto and Sydney. https://www.dif.eu/
Silk Road Fund
is a medium- to long-term investment fund set up to improve connectivity and economic cooperation as part of the Chinese government’s "Belt and Road Initiative". The Silk Road Fund, which has a total capital of US$40bn, invests primarily in infrastructure, in the development of energy resources, in industrial/manufacturing cooperation and in financing initiatives. http://www.silkroadfund.com.cn/enweb/