M&A

Telepass, Partners Group initiates sale of 49%

The transaction on the minority of the electronic toll collection company gets underway

by Carlo Festa

18 September 2025

Corsie preferenziali Telepass al casello di Genova Aeroporto (ANSA/Luca Zennaro)

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Key points

During the summit
The dossier and investors

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The dossier of Telepass, the Italian company that provides services for both urban and extra-urban mobility, whose shareholders are currently the Mundys Group, the ex-Atlantia, and the Swiss fund Partners Group, is coming to a head.

According to rumours, the latter, one of the most prominent infrastructure private equity firms on the international scene, is on the verge of making exploratory assignments to study the exit of its stake in Telepass in the coming months.

A mandate in this direction, although not yet officially given, could see the financial advisors Mediobanca and Ubs in pole position.

Current shareholders in Telepass are Mundys, which holds 51 per cent of the capital, and the Swiss infrastructure fund Partners Group, which has the remaining 49 per cent, a share acquired in 2021.

Tow the summit

In the coming weeks, according to rumours, a meeting between the managers of Partners Group and those of Mundys can be expected, in which strategic options could be discussed.

In April last year, the lock-up period, after which Partners Group can sell its stake, expired. Now one of the necessary steps will be for Partners Group to notify the other shareholder Mundys of the decision to initiate the sale of the 49 per cent stake.

The dossier and investors

Large international investors such as Antin, Stonepeak, Bain Capital and Advent, among others, could then evaluate the dossier. The Swiss private equity fund would be studying the modalities of the transaction and the appetite of potential buyers.

One of the determining factors in attracting buyers will be the size of the stake put up for sale: the sale of 49% of the Partners Group or a larger share.

However, on the latter front, Mundys - controlled by Edizione dei Benetton and participated by the Blackstone fund and Fondazione Crt - has never indicated that it wants to go below 51% of Telepass.

Currently, the toll company generates around 2-3% of the Mundys Group's total EBITDA. The company ended the year 2024 with a turnover of EUR 436 million. The net profit increased by +24% compared to 2023 to EUR 34 million.

By 2025, the rolling EBITDA (run rate) - calculated from 1 July 2024 to 30 June 2025 - is EUR 235 million, while the estimated Ebitda (run rate) at the end of the year is approximately EUR 300 million.

One of the objectives of the group's business plan is growth abroad: the Italian market is in fact becoming increasingly competitive, not least because of competition from some new operators such as UnipolMove and MooneyGo.