July 24, 2020 / 11:46 AM / 11 days ago

TCI sees Autostrade valuation between 11-12 billion euros - partner

FILE PHOTO: A logo of the Atlantia Group is seen outside their headquarters in Rome, Italy August 31, 2018. REUTERS/Alessandro Bianchi

MILAN (Reuters) - Activist hedge fund TCI Fund Management, which is challenging the Italian government over the forced sale of Atlantia’s Autostrade per l’Italia (ASPI) unit, said on Friday the value of Autostrade could be between 11 and 12 billion euros (10.9 billion pounds).

“I believe the valuation of ASPI is between 11 and 12 billion euros pre-money equity value,” Jonathan Amouyal, a partner at TCI Advisory Services, told Reuters.

TCI has submitted a complaint to the European Commission over “illegitimate expropriation” by the Italian government of ASPI, which will come under the control of state lender Cassa Depositi e Prestiti under a deal reached this month.

“What we want is a fair process and a fair price,” Amouyal said. “What we don’t want is that Italy not respect the rule of law.”

Reporting by Stefano Bernabei; writing by James Mackenzie

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