THE European Commission (EC) has approved the acquisition of a 50% stake in Italian open-access high-speed operator Italo-NTV by Mediterranean Shipping Company (MSC).
According to the EC, the transaction raises no competition concerns, given its limited impact on the markets where the companies are now active.
Through its subsidiary Medway, container shipping line MSC is active in the Italian rail freight market, and also operates freight trains in Portugal, Spain, Belgium, the Netherlands and Germany. This is believed to be its first involvement in the rail passenger market.
In October 2023 MSC entered into a binding agreement to acquire the 50% stake in Italo-NTV from US-based Global Infrastructure Partners (GIP), an independent infrastructure investor.
The remaining 50% of Italo-NTV would continue to be owned by GIP and by Allianz Group entities and funds managed by Allianz Capital Partners, and other co-investors.
GIP announced last month that it had agreed to be acquired by BlackRock for $US 3bn in cash and 12 million shares of BlackRock common stock.
Subject to regulatory approval and other closing conditions, this transaction is expected to close in the third quarter of 2024.
According to MSC group president, Mr Diego Aponte, the acquisition of the 50% stake in Italo-NTV reflects MSC’s long-standing commitment to Italy, as well as the group’s objective of further developing sustainable transport for both passengers and freight.
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