«We will start the procedure to revoke the concession from the company Autostrade». It is the Ferragosto of 2018 and these were the statements of the then Prime Minister Giuseppe Conte the day after the collapse of the Morandi Bridge in Genoa. 43 people died. The government could not wait for the times of criminal justice, was the version from Palazzo Chigi. Two days later the government formally sent Aspi (Autostrade per l’Italia) the letter of contestation that started the procedure for the revocation of the concession, contesting the serious breach of maintenance obligations. In the following months and years Conte and his successor (still Conte) repeatedly stated that the procedure was ongoing and that, in the absence of a satisfactory agreement, that concession would be revoked. But then the “satisfactory” agreement arrived. Only the Benettons were the ones satisfied. The revocation was not completed and instead a settlement agreement was reached.
On July 15, 2020, the then minister Franceschini celebrated the agreement reached with these words: «Thanks to the leadership of President Giuseppe Conte, whose firmness in always keeping open the prospect of revocation allowed us to reach this unexpected result». What was the unexpected result? No longer having the Benettons at the helm of Aspi. But how much did this result cost? Almost 20 billion. Anyway, more than 19. After that agreement celebrated by the yellow-red government, in June 2021 (with Draghi in government) the agreement was signed for the sale of 88.06% of Aspi to a financial vehicle called Hri (Holding Reti Autostradali) including Cdp Equity (that is Cassa Depositi e Prestiti and therefore the Mef) at 51%, Blackstone (24.5%) and Macquarie (24.5%).
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The valuation of 100% of Aspi as of January 1, 2021 was just over 9 billion. This was the basis of the agreement. To which were added the conventional interests of 2% accrued until the moment of sale (closing) which took place in May 2022. In practice, the total rises to 9.3 billion. Atlantia, the holding company controlled by the Benettons, therefore collected almost 8.2 billion. Not bad as a punishment after the two tragic accidents that involved Aspi over those years: 43 deaths in the Morandi Bridge tragedy in Genoa and the 40 victims of the bus that on July 28, 2013 fell from the Acqualonga Viaduct in Avellino. However, the value of the operation is much higher because the seller, besides collecting a check of 8 billion, got rid of an equal amount of financial debts to banks and so the total rises to 16 billion.
However, the bill does not end yet. You have to pay another 3.4 billion. For what? Compensation and interventions such as the reconstruction of the San Giorgio Bridge (about 1.4 billion), maintenance and interventions (which you encounter every time you take the highway) and compensation for the victims. In short, everything that the Benetton highways had not done is charged to whom? To Aspi itself but after the Benettons have left. So the total rises to over 19 billion. Not bad as an operation. From the risk of having the concession revoked to cashing a check of 8 billion. After all, highways in Italy are the classic golden goose.
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From 1999 until the moment of sale, Autostrade distributed almost 10 billion in dividends. Most of which (about 88%) ended up in the coffers of the seller Atlantia (which today has changed its company name to Mundys to erase any link with the past in case a distracted navigator searched the web for Morandi Bridge). The main shareholder of Atlantia (sorry Mundys) is Edizione dei Benetton with 33%. And what were these dividends used for? Not to repay the debt contracted for the acquisition of Aspi. The technique actually adopted for the acquisition of highways is the Leveraged Buy Out (LBO). That is, company A (buyer) borrows to buy company B (Target), in this case Autostrade. Then A merges with B and the new company resulting from the merger repays the debt. A company like ASPI is the perfect prey for this type of operation. High margins and stability of the same. In 2018 Aspi boasted an Ebitda, that is the gross operating margin – that is everything that remains before repaying interest, taxes and setting aside amortizations – equal to over 65% of turnover.
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I challenge any entrepreneur to have a revenue of 100 and a cash flow of 65 after paying suppliers, employees and collaborators. A real breeze. And anyway those dividends served Atlantia (sorry Mundys) to accumulate a treasure of participations of 9 billion including jewels such as Abertis (Spanish highways), Aeroporti di Roma and Telepass. To which is added another diamond: autogrill. Today ended up in Avolta. A giant operating in 70 countries with 5,100 points of sale among airports, highways, stations and ports. Of this giant (worth about 8 billion) the Benettons have 23%. In short, golden business with highways before ending with the final bang: the 8 billion agreed with Conte to leave quietly.
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