KLM Delta Air France-Consortium Certares will take control of Italian National Airline ITA. Italy has chosen a group led by American private equity fund Certares, backed by Air France-KLM and Delta Air Lines Inc., for exclusive talks on buying a majority stake in ITA Airways.
KLM Delta Air France-Consortium Certares
Certares was founded in 2012, with a team of seasoned operational and private equity experts with extensive industry, investment, transaction, and management experience. Their investing activities are concentrated on a number of important industries, such as travel and tourism, hospitality, business, and consumer services, with a total AUM of $10.2 billion, including co-investments.
“Italy’s government has picked a bid by U.S. private equity fund Certares and backed by Air France-KLM AIRF.PA and Delta Air Lines Inc DAL.N to start exclusive talks over a majority stake in ITA Airways, the Treasury said in a statement” Source: nasdaq
This marks the conclusion of a protracted bidding war between two major airlines.
The front-runners were Lufthansa and the international shipping company MSC, both of which made a joint offer. They offered 850 Million euros for bigger ownership of 80%,
Certares, which has its European headquarters in Milan, has offered roughly 600 million euros for a stake of about 60%
Controversy over the deal
The government of Prime Minister Mario Draghi is continuing its efforts to reach a preliminary agreement before a general election on September 25.
The Brothers of Italy party, which is now leading the polls, has demanded that the next administration be given the freedom to make the ultimate judgment.
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