GIP and Mediterranean Shipping Company Establish a Strategic Partnership for Italo

Source: 10/2/2023, Location: Europe

Italo is one of Europe’s leading private high-speed passenger rail operators
Strategic partnership with joint governance designed to facilitate the next chapter of Italo’s growth and ensure its continued commitment to sustainable transport

Global Infrastructure Partners (“GIP”), a leading independent infrastructure investor, through its third flagship infrastructure fund (“GIP III”), together with certain of its co-investors, announced that it has entered into a binding agreement to sell a stake of approximately 50% in Italo - Nuovo Trasporto Viaggiatori S.p.A (“Italo”) to Mediterranean Shipping Company (“MSC”) and to establish a long-term strategic partnership for Italo’s future development.

The other approximately 50% interest in Italo will continue to be owned by GIP, which will have joint governance with MSC, and by Allianz Group entities and funds managed by Allianz Capital Partners, and other co-investors.

Italo is one of Europe’s leading private high-speed rail operators. Since its launch in 2012, Italo has grown to operate a fleet of 51 energy efficient electric trains, connecting 51 cities across Italy and serving over 20 million passengers per year.

“We are excited to partner with MSC, with whom we have a strong and productive strategic relationship, to continue to support Italo’s future growth,” said Bayo Ogunlesi, Global Infrastructure Partners’ Chairman and Chief Executive Officer. “We remain committed to providing high-quality service to passengers and benefits to Italy’s economy. We are very pleased MSC shares our vision of Italo’s future, as high-speed rail transportation is critical to meeting net-zero targets and is aligned with GIP’s energy transition and decarbonisation strategies.”

“This agreement demonstrates our long-standing commitment to Italy and support for exceptional high-speed passenger rail transport in Italy,” said Diego Aponte, Group President of MSC Mediterranean Shipping Company SA.

“We strongly believe in the potential of Italo to further strengthen rail connectivity across Italy but also the Italian tourism market. Furthermore, today’s agreement also reflects our group’s goal of further developing sustainable modes of transport, for both passengers and cargo. This aligns with Italy's efforts to enhance its infrastructure network through new projects outlined in the National Recovery and Resilience Plan (PNRR) to extend high-speed rail services to areas that currently lack access. We share a common vision with GIP and are proud to once again build on this strategic partnership.”

The completion of the transaction is subject to the satisfaction of customary conditions including regulatory and competition clearances in relevant jurisdictions.

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