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The EU Commission has given clearance to the acquisition of joint control of Italo (Nuovo Trasporto Viaggiatori) by Msc Mediterranean Shipping Company (Switzerland) and the US fund Global Investments (Gip III). The transaction concerns mainly the market for high-speed rail passenger transport in Italy, as well as travel agencies and maritime passenger transport by ferry or cruise. The Commission concluded that the proposed concentration would not raise competition concerns given its limited impact on competition in the markets where the companies are active. The notified transaction was examined under normal procedure.
One step back. On 2 October 2023, Msc, the global transport and logistics company headed by Geneva, Switzerland-based shipowner Gianluigi Aponte, signed a binding agreement to acquire a approximately 50% stake in Italo from Global Infrastructure Partners (Gip), a leading independent investor active in the infrastructure sector, and to establish a long-term strategic partnership for Italo's future development.
The other stake of about 50% in Italo will continue to be owned by Gip, which will have a joint governance with Msc, some entities of the Allianz Group and funds managed by Allianz Capital Partners as well as other co-investors, including Luca Cordero di Montezemolo (who retains the position of chairman), Isabella Seragnoli and Alberto Bombassei.
Italo is one of Europe's leading private high-speed train operators. Since its debut 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.
The first objective of Italo with partner Msc will be the expansion of the fleet, which should rise from the current 51 trains, all manufactured by Alstom, to 60 convoys within the next four years (second half of 2027). The company's CEO, Gianbattista La Rocca, who was confirmed in his role, had anticipated this to Il Sole 24 Ore (21 June edition). Now, with the new shareholder, those words are more relevant than ever. Italo (1,450 employees; average age 33) connects 59 stations in 51 Italian cities with 118 trips per day.