Grandi Stazioni’s shareholders set a 10% break up fee for the GS Retail deal which is going to be paid by potential acquirors if the sale is not to go on for any reason which is not related to the seller, a deny of the Antitrust Authorities included, MF Milano Finanza writes today.
GS Retail is engaged in the renovation enhancement and management of Italy’s 14 largest railway stations, two railway stations in Czech Republic and one commercial gallery in Naples and has been valued between 700 and 805 million euros by investors who have put forward their non binding bids two weeks ago (see here a previous post by BeBeez). So the beakup fee is going to be quite high, between 70 and 80 million euros.
Data room is closing at the end of April and seven potential acquirors are in the race: a consortium made by Deutsche Asset Management, Atp, and Poste Vita, which pur forward the best economic bid (805 million euros); the consortium Altaraea-Apg-Predica; the other consortium Antin Infrastructure- Icamap-BG Asset Management (Borletti Group); and private equity funds Lone Star, Terra Firma, Pamplona and BC Partners.
