Blackstone and Macquarie: Blackstone and Macquarie categorically denied recent reports suggesting potential ownership changes at Autostrade per l’Italia (ASPI), emphasizing their steadfast commitment as key investors in the motorway operator.
A report from La Stampa had suggested that JP Morgan had formulated a plan to merge ASPI with domestic rival ASTM, backed by ASTM’s controlling shareholder, Italy’s Gavio group. ASPI underwent a significant change in ownership last year through a 9.3 billion euro deal, marking the end of a legal dispute arising from the 2018 bridge collapse that claimed 43 lives.
Post the 2022 deal, ASPI is under the control of state-lender CDP, along with investments from Blackstone and Australia’s Macquarie. Recent shareholder tensions have emerged as CDP pushes for ASPI to allocate a larger portion of its profits to fund investments, a move contested by Blackstone and Macquarie, according to insider sources.
Contrary to reports, Macquarie affirmed its commitment to ASPI’s substantial investment program, emphasizing ongoing support. A spokesperson for Blackstone echoed this sentiment, expressing enthusiasm about backing ASPI’s future growth. In the proposed plan by JPMorgan, ASTM would transfer its assets to ASPI, with shareholders including CDP, Gavio group, and Blackstone.
Macquarie would exit the arrangement, and investment firm Ardian, currently holding 49.5% of ASTM, would also exit. Despite these developments, Gavio, Ardian, JP Morgan, and CDP chose not to comment on the matter.
Italian Transport Minister Matteo Salvini expressed interest in a potential offer for ASPI, responding to earlier reports of a bid by Italian construction group Dogliani. Government sources dismissed the idea of supporting such an offer as “groundless.” The situation continues to evolve, with stakeholders navigating the complexities of ASPI’s ownership and future trajectory.
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