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US-based GIP acquires Italy’s NTV [free access]

February 8, 2018

Nuovo Trasporto Viaggiatori (NTV), the private high speed rail (HSR) operator in Italy, has accepted a EUR1.98-billion offer (excluding debt) from New-York based Global Infrastructure Partners III (GIP) to acquire 100 per cent share capital of the company and scrapped plans to launch an initial public offering (IPO) on Italy’s stock exchange.

 

The offer includes EUR1.94 billion for equity capital, EUR30 million for current shareholders’ dividend, and EUR10 million to cover the costs of dropping NTV’s planned IPO. The offer was submitted on February 4, 2018, and a board meeting to consider the offer was organised by the NTV on February 6, 2018.

 

NTV was formed in December 2006 by a group of private investors and launched its first service on the Naples-Rome-Florence-Bologna-Milan route in April 2012. The company’s revenue increased from EUR174.7 million (FY2016) to EUR219.2 million (FY2017) and earnings before interest, tax, depreciation and amortisation (EBITDA) from EUR42 million (FY2016) to EUR65.1 million (FY2017).

 

Currently, the network covers 18 stations in 13 cities. The HSR network is integrated with the road transport of Italobus.

 

(1 EUR [Euro] = 1.23 USD)