MADRID, Apr 9 (Reuters) – Spanish infrastructure group ACS confirmed on Friday that it has submitted an initial offer to Italy’s Atlantia to acquire its 88% stake in its Autostrade per l’Italia (ASPI) motorway unit.

ACS said in a statement that it has sent a letter to Atlantia’s board of directors in which it expresses its interest in buying its majority stake in ASPI, in an offer that would be joined by other potential investors, including the investment bank Italian Cassa Depositi e Prestiti (CDP).

The ACS statement confirms the information published by Atlantia on Thursday.

ACS values ​​ASPI at between € 9 billion and € 10 billion (between $ 10.7 billion and $ 11.89 billion), according to the statement.

The toll motorway operator Autostrade, which manages half of Italy’s motorway network, has been in the political spotlight since the 2018 Genoa collapse with fatalities of a motorway bridge that was managed by the company.

Atlantia said its board of directors began studying a revised offer on Thursday that was submitted last week by a consortium led by CDP.

(1 dollar = 0.8411 euros)

(Information from Inti Landauro; edited by Jason Neely; translated by Flora Gómez at the Gdansk newsroom)

Read more