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ITA Airways To Open Data Room For Privatisation Next Week - Sources

By Dave Simpson

State-owned ITA Airways will make its financial data available for suitors from next week, two sources familiar with the matter said on Thursday 21 April, as the Italian government tries to speed up the privatisation of the successor to Alitalia.

Details

The sources told Reuters that all three consortia that expressed interest in buying a majority stake in the airline will be admitted to ITA's data room despite a request from one of the suitors, shipping group MSC, for exclusive talks.

MSC teamed up with Germany's Lufthansa LHAG.DE and presented a bid in January, indicating it was ready to offer more than €1 billion for the carrier.

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US fund Certares and Wizz Air WIZZ.L investor Indigo Partners have also expressed their interest in the airline in recent days, sources have said.

ITA started flying in place of Alitalia in October, permanently grounding the 75-year-old, one-time symbol of Italian style and glamour after years of financial losses and failed rescue attempts.

Last month the Treasury picked Equita and Gianni & Origoni as financial and legal advisers for the privatisation of ITA Airways, which is fully owned by the government.

JPMorgan And Mediobanca Lined Up To Help

The carrier has lined up JPMorgan and Mediobanca to help on the search for private investors.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
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