FRANKFURT/MILAN (Reuters) - A consortium led by a unit of Allianz (ALVG.DE) is looking to buy a third of the 15 percent stake Atlantia (ATL.MI) is selling in its Italian motorway business, two sources close to the matter said on Tuesday.
Allianz Capital Partners, the German insurer’s infrastructure investment vehicle, would own around two-thirds of the consortium alongside another European investor, one of the sources said.
The vehicle is ready to pay about 500 million euros ($533 million) to cover its part in the deal, the source said.
Italian infrastructure group Atlantia is selling a minority stake in its Autostrade per l‘Italia (ASPI) operations to help it fund overseas expansion.
A second source said Atlantia was in talks to sell two other 5 percent stakes in ASPI to investors, with Abu Dhabi sovereign fund ADIA considering an investment.
Binding bids are expected by the end of this week, the sources said.
Middle East and Chinese investors are in the picture, a third source said.
Atlantia declined to comment while ADIA did not immediately reply to a request for a comment.
Reporting by Alexander Huebner and Stephen Jewkes, additional reporting by Francesca Landini