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By Nathan Allen
Italy's Atlantia SpA (ATL.MI) said Friday that it will buy Aero 1 Global & International, an investment vehicle that holds a 15.5% stake in Groupe Eurotunnel SE (GET.FR), for 1.06 billion euros ($1.29 billion).
Aero 1 is currently owned by an infrastructure fund managed by Goldman Sachs Group Inc. (GS), and the transaction isn't subject to any condition, Atlantia said.
Groupe Eurotunnel, or Getlink, operates three tunnels under the English Channel and two terminals under a concession agreement that expires in 2086, according to Atlantia.
In 2017, Getlink had earnings before interest, taxes, depreciation and amortization of EUR526 million on revenue of EUR1.03 billion, Atlantia said.
The purchase price equates to EUR12.40 per Getlink share, a premium of almost 19% on the company's closing price on Thursday.
Shares in Getlink rose nearly 15% on news of the deal.
Write to Nathan Allen at firstname.lastname@example.org
(END) Dow Jones Newswires
March 02, 2018 09:14 ET (14:14 GMT)
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