Ferrovie dello Stato Italiane and Astaldi have announced they have signed an agreement for the sale of the investment held by Astaldi in M5 SpA, Concessionaire of Line 5 of the Milan Metro (Italy).

The transaction calls for the sale of a 36.7% stake (equity and shareholder loan) held by Astaldi in M5, valued at €64.5 million (US$68.3 million).

Astaldi will remain a shareholder with a 2% stake in M5, ensuring support in developing the activities under its responsibility.

The transaction’s closing will take place at the end of the planned authorization process, as well as upon the outcome of the assessment by the Italian Competition Authority.

Line 5 of the Milan Metro links Bignami Parco Nord station to San Siro Stadio station, along a route extending for about 12.8 kilometers, with 19 stations and a light transport system connected with Milan’s other underground lines.

As Renato Mazzoncini, Chief Executive Officer and General Manager of FS Italiane, emphasised:

"FS Italiane’s entry among the shareholders in Metro 5 marks another step forward in carrying out the Business Plan presented on the 28 September 2016. It is the first time that a subway, the Milan’s M5 Metro line, becomes part of FS Italiane’s portfolio. This transaction responds to the FS Group’s strategy of moving forward from the “Metropolitana d’Italia”, High Speed and High Capacity network project to a new large-scale project of an integrated services system and infrastructures aiming at improving public transport as well as integrated mobility, also in large urban areas.”

Astaldi’s Chairman Paolo Astaldi commented:

"We’re moving forward with the programme of disposal of the assets and this transaction, which follows the sale of A4 concluded in September, is another step in our plan’s implementation. The sale of the share held by Astaldi in M5 to FS Italiane took place after a careful selection process on the offers received.  We are also assessing, with extreme care, the offers received on other assets in concession."