Enrico Marchi and Andrea De Vido, co-founders of Finanziaria Internazionale Group and shareholders witha a 50% stake each in the parent company, announced last April 2nd that they had signed an agreement to allow Mr. De Vido to sell Mr. Marchi his stake thanks to a shareholders’ reorganization in the capital of Save, a Milan-listed group owner of Venezia and Treviso airports, which in turn is controlled by Finint Group (see here the press release).
Mr. De Vido is actually facing a difficult financial situation following a series of wrong investments and personal debts piling to about 100 million euros and he had given Finint’s stocks (for a 26.34% stake in Finint’s capital) as guarantee for its debts so he is now in the need to sell all its stake in Finint to repay banks. Mr. De Vido is said to cash in 100-120 million euros from the sale (see here a previous post BeBeez). But the deal would need an agreement with Mr. Marchi.
The announced deal, which conditioned to authorization both from Bank of Italy and the Italian Antitrust Authority by next July 30th (or August 30th at latest), consists in the acquisition of Mr. De Vido’s direct and indirect stakes in Finint by Mr. Marchi (through his own investment veichles Giovanni Marchi and Aprile).
Mr. Marchi also signed a deal to sell Finint’s stake in Save to a newco which is controlled by Mr. marchi himself and by infrastructural funds managed by Deutsche Asset Management and InfraVia Capital. At the same time Star Holdings, an investmetn veichle indirectly controlled by Morgan Stanley Infrastructure, signed a committement to sell its stake in Save to the newco. Save is today controlled by Marco Polo Holding (51.2%), Agorà Investimenti (7.8%) and Finint (0.6%). MPH and Agorà are two investment veichles controlled by Finint Holding (56.9%) e by Morgan Stanley Infrastructure (43.1%).
The Save deal is in turn conditionated to the Italian Antitrust Authority by next July 30th (or August 30th at latest) and gives Save a valuation of 21 euro per share. The deal will be financed by Intesa sanpaolo group and Unicredit. After that the newco will be compelled to launch a tender offer on Save shares and surely the result will be conditioned by Italian motorway concessionaire Atlantia‘s decision to accept the offer or not ad Atlantiacurrently owns a 22.1% stake in Save. In the meantime Save closed with a 7.93% jump yesterday at the Italian Stock Exchange at a 21.9 euro price per share.
Enrico Marchi and Deutsche Bank’s and Infravia’s funds are advised by Banca Imi and UniCredit as for financial issues while BonelliErede is their legal advisor. Gianni Origoni Grippo Cappelli and Partners law firm supports InfraVia while Legance Avvocati Associati law firm operates as legal advisor to Deutsche Asset Management. Latham & Watkins finally supports Star Holdings and Morgan Stanley Infrastructure.