By Pierre Bertrand

Atlantia SpA late on Wednesday said that the Bank of Italy has cleared the way for the buyout by Italy's Benetton family and U.S. fund Blackstone Inc.

The Italian infrastructure company said the bank has authorized the purchase of a qualified indirect stake in Atlantia unit Telepass by the buyers' investment vehicle Schema Alfa.

The companies still need the green light from Italy's market regulator Consob for the deal.

In April, the Benetton family and Blackstone submitted a buyout bid of 23 euros ($22.63) a share for Atlantia in addition to a planned dividend of EUR0.74 a share. The plan is to delist the company and take the company private.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

September 22, 2022 03:21 ET (07:21 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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