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Italy's state railways picks Nomura as adviser for listing -sources
June 14, 2017 / 3:39 PM / 3 months ago

Italy's state railways picks Nomura as adviser for listing -sources

MILAN, June 14 (Reuters) - Italian state railways Ferrovie dello Stato (IPO-FERRO.MI) has picked Japan’s Nomura as adviser to help it prepare for a possible listing on the Milan stock exchange, two sources close to the matter said.

The rail operator, wholly owned by the state, plans to spin off its high-speed and long-distance train businesses to float around 30 percent of the shares.

The businesses to be spun off have an estimated annual revenue of about 2.4 billion euros ($2.7 billion) and core profit of 700 million euros, the group said in September.

Nomura will advise Ferrovie on how to separate the two businesses from the rest of the group, which also owns the country’s rail network, one of the sources said.

The listing process is in its early stages and will not happen before next year, the other source added. ($1 = 0.8867 euros) (Reporting by Elisa Anzolin; writing by Francesca Landini; editing by Agnieszka Flak)

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