Mundys (; formerly Atlantia ) is an Italian

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

active in the

motorway A controlled-access highway is a type of highway that has been designed for high-speed vehicular traffic, with all traffic flow—ingress and egress—regulated. Common English terms are freeway, motorway, and expressway. Other similar terms ...

and

airport infrastructure An airport is an aerodrome with extended facilities, mostly for commercial Aviation, air transport. They usually consist of a landing area, which comprises an aerially accessible open space including at least one operationally active surf ...

and mobility-related services industry, operating tolling services in 24 countries, including 11 for motorway and airport infrastructure concessions (France, Italy, Poland, United Kingdom and Spain in Europe and worldwide in Argentina, Brazil, Chile, Colombia, India and Puerto Rico). The group manages of toll motorways,

Fiumicino Fiumicino () is a town and comune in the Metropolitan City of Rome, Lazio, central Italy, with a population of 80,500 (2019). It is known for being the site of Leonardo da Vinci–Fiumicino Airport, the busiest airport in Italy and the ninth-b ...

and

Ciampino Ciampino () is a city and ''comune'' in the Metropolitan City of Rome, Lazio, Italy. It was a ''frazione'' of Marino, Italy, Marino until 1974, when it became a ''comune''; it obtained the city () status (being therefore officially known as Cit ...

airports in Italy and the three airstrips of Nice, Cannes-Mandelieu and Saint Tropez in France with more than 60 million passengers a year. It was listed on the

Borsa Italiana Borsa Italiana () or Borsa di Milano (), based in Milan at Palazzo Mezzanotte, Mezzanotte Palace, is the Italy, Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and i ...

until December 2022. The main shareholders are: Edizione (a company of the

Benetton family Four members of the Italian Benetton family () founded the Benetton Group S.p.A. fashion company in 1965.Blackstone and the

CRT Foundation Fondazione Cassa di Risparmio di Torino (Fondazione CRT) is a charity organization formed in 1991 by the spin off of the bank activities Cassa di Risparmio di Torino into Banca CRT S.p.A. (a limited company), with the original statutory corporation ...

. Atlantia changed its name to Mundys S.p.A. on 15 March 2023.

History

1950–2000: Foundation and consolidation

Founded in 1950 as Autostrade, when the company Concessioni e Autostrade S.p.A. was created, it aimed to give a significant contribution, cooperating with other Groups, to the

post-war A post-war or postwar period is the interval immediately following the end of a war. The term usually refers to a varying period of time after World War II, which ended in 1945. A post-war period can become an interwar period or interbellum, ...

reconstruction of Italy. By the first agreement between ANAS signed in 1956, the companies were committed in co-financing, building and managing the Autostrada Del Sole, between Milan and Naples, inaugurated in 1964. Between 1962 and 1968, the company was granted the concession for the construction and operation of other motorways. In 1982 it was acquired by Italstat and in 1987 Autostrade Concessioni e Costruzioni S.p.A. was listed on Borsa Valori of Milan. In 1999, the Autostrade company was privatized. The consortium led by Schemaventotto S.p.A. (Edition of Benetton Group 60%, Fondazione CRT with 13.33%, Acesa Italia with 12.83%, Assicurazioni Generali and Unicredito Italiano both at 6.67% and Brisa International SGPS SA with 0.50%) and another one pulled by the Australian bank Macquarie, who retreated at last, were the other groups in the line. With the 30% of the capital, Schemaventotto S.p.A. takes over the IRI Group, which was the reference shareholder. They did the only binding purchase offer for the share package paying IRI €5.05 billion; the remaining 56% of the shareholding held by IRI was intended to the stock market by a public sale offer which led to obtain 8.75 billion lire, for a total sum for IRI of 13,800 billion lire. In January 2003 Newco28 made a tender offer, through a leveraged buyout operation: they found the liquidity necessary for the acquisition using the system credit and, consequently, the debt was transferred from Newco28 to Autostrade, following a merger by incorporation. 2003 was marked by a massive reorganisation of the group, the concession activities were separated from non-motorway activities and Autostrade per l'Italia S.p.A., a subsidiary of Autostrade (then Atlantia S.p.A.), was established.

2000–2021: Company renamed ''Atlantia S.p.A.''

During 2005, a process of geographical diversification began with the acquisition of the management of approximately of toll motorways in Brazil, Chile, India, and Poland. In 2007, the board of directors approved the change of name into Atlantia S.p.A. In 2013, the merger by incorporation of Gemina S.p.A., the majority shareholder of ADR (Aeroporti di Roma) into Atlantia, was concluded, with the consequent aggregation of a second core business in addition to the motorway concessions. Atlantia's acquisition of Aéroports de la Côte d’Azur, the company that controls the airports of Nice, Cannes-Mandelieu and Saint Tropez, consolidated the Group's presence in the airport sector. During the summer of 2017, Atlantia declared the intention to make a tender offer on all the issued shares of Abertis Infraestructuras, and in October 2017 the Comision Nacional del Mercado de Valores authorised this. Just over a week later the Hochtief – Acs Group launched a bid against the tender offer to acquire the Spanish company. In March 2018 Atlantia and Hochtief-Acs reached an agreement for a joint offer for the control of Abertis, which was finalised in October 2018. To acquire 98.7% of the capital of Abertis the parties invested €16.5 billion. In March 2018 Atlantia S.p.A. bought 15.49% of Getlink, the company that controls the Channel Tunnel. As of December 2019, Atlantia had an

EBITDA A company's earnings before interest, taxes, depreciation, and amortization (commonly abbreviated EBITDA, pronounced ) is a measure of a company's profitability of the operating business only, thus before any effects of indebtedness, state-mandat ...

of 5.7 billion euros, financial debts for 36.7 bln (in respect of 38.8 bln of the previous year) and net profits for 136 million euros (in respect of 775 mln declared in 2018). In June 2021, Atlantia sold its 88% stake in ASPI (comprising its largest Italian motorways) to the newly formed Holding Reti Autostradali S.p.A. (HRA). With regard to sustainability ratings, as of July 2014 Atlantia had a low rating from

Standard Ethics Aei Standard Ethics is an independent sustainability reporting rating agency based in London, known for its sustainable finance and ESG (Environmental, Social, Governance) studies. In 2001, it introduced a standardized approach to sustainability r ...

of 'E' on a scale of F to EEE within the SE Italian Index. It was further reduced to "E-" on 10 October 2019 in relation to the management following the Morandi bridge collapse, and was then finally suspended by press release on 22 September 2022. Over the years, the company has received several awards in the area of sustainable development, earning an A rating in 2022 from the Carbon Disclosure Project (Cdp), a score of 73 from Moody's and an improvement in its rating from 'BBB' to 'AA' in the Msci Esg index. The company was also included in Bloomberg's Gender Equality Index (GEI) in 2022.

2022: Voluntary Public Tender Offer and Delisting

At the beginning of April 2022, Spanish financier

Florentino Perez Florentino is both a masculine given name and a surname. Notable people with the name include: People with the given name *Florentino Alfaro Zamora (died 1871), Costa Rican politician * Florentino Álvarez Mesa (1846–1926), Spanish journalist, wr ...

(shareholder of 50% minus one share in Atlantia's majority-owned company

Abertis Abertis Infraestructuras, S.A. () is a Spanish worldwide corporation engaged in toll road management. The company is headquartered in Madrid. The company runs over 8,600 kilometres of toll roads in the world. In October 2018, it was acquired by I ...

) together with the two private equity funds

Global Infrastructure Partners Global Infrastructure Partners, LLC (GIP) is an American infrastructure investment fund making equity and selected debt investments across markets worldwide. GIP's main headquarters are located in New York City and its equity investments are bas ...

and

Brookfield Infrastructure Partners Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis. Until a spin-off in Janua ...

, considered launching a takeover bid (OPA) for Atlantia. In order to preserve the group's integrity and Italian identity, the Benetton family, in alliance with the U.S. fund

Blackstone Inc Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman ...

, announced a defensive takeover bid in mid-April, so as to secure the group from possible financial counteroffensives, such as the one promoted by Perez. The 19 billion takeover bid for Atlantia at 23 euros per share was launched on 10 October 2022. The offer was launched by Schema Alfa, a special purpose vehicle controlled by Schemaquarantadue S.p.A., which is 65% owned by the holding company Edizione (chaired by

Alessandro Benetton Alessandro Benetton (born 2 March 1964) is an Italian businessman. Early life Alessandro Benetton is the son of Luciano Benetton and Maria Teresa Maestri. He attended university in the United States where he graduated from Boston University in 1 ...

) and 35% owned by the American private equity fund Blackstone. The takeover bid was launched on Atlantia's total shares, that is, 66.90% of its capital, with the exception of the 33.10% stake held by Edizione. The buy-out ended in November 2022, with Schema Alfa holding 95.933% of Atlantia, excluding treasury shares. As a result, the holding company's new shareholding structure is made up of Edizione for about 57%, Blackstone for about 37.8% (through an open-end fund), and, finally,

Fondazione CRT Fondazione Cassa di Risparmio di Torino (Fondazione CRT) is a charity organization formed in 1991 by the spin off of the bank activities Cassa di Risparmio di Torino into Banca CRT S.p.A. (a limited company), with the original statutory corporation ...

for the remaining shares. Atlantia left Piazza Affari on 9 December 2022, with the official delisting of the company from the Italian stock exchange after 35 years.

Group Structure

Shareholding

The shareholding structure is as follows: * Edizione S.p.A. (Through Sintonia S.p.A): 57% * Blackstone: 37.8% * Fondazione Cassa di Risparmio di Torino: 5.2%

Subsidiaries

The group's companies are: *

(50%) *Aeroporti di Roma S.p.A. (99%) *Telepass S.p.A. (51%) *Yunex Traffic (100%) *Aeroporto di Bologna *Aéroports de la Côte d'Azur (64%) *Sanef (100%)

Main non-financial holdings

Getlink Getlink, formerly Groupe Eurotunnel, is a European public company based in Paris that manages and operates the infrastructure of the Channel Tunnel between France and the United Kingdom, operates the LeShuttle railway service, and earns revenu ...

(Eurotunnel, Paris) 15.49%

Controversies

2018: Morandi Bridge collapse

On 14 August 2018, the Atlantia managed Morandi Bridge collapsed causing the death of 43 people. In 2018, the net debt level of Atlantia and the subsidiary Autostrade per l'Italia, had raised concerns from journalists and rating agencies.

References

External links

*
Groupe Aéroports de la Cote d'AzurAeroporti di RomaTelepass

AbertisYunex Traffic

Grupo Costanera

Annual Financial Report
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