By Joshua Kirby

Atlantia SpA has agreed to sell a 49% stake in its highway toll-collection business Telepass to investment manager Partners Group, it said Saturday.

The Italian infrastructure company said it sold the stake for a purchase consideration of 1.06 billion euros ($1.24 billion) and that the deal would be completed in the first half of 2021, subject to standard authorizations and conditions. Atlantia will retain control of Telepass and will continue to consolidate the business, it said.

Following the sale, Atlantia said it will collaborate with Partners Group to develop Telepass, including through organic growth and acquisitions in its core business, as well as developing one-stop toll-payment services both for consumers and corporate clients.

Write to Joshua Kirby at joshua.kirby@dowjones.com

(END) Dow Jones Newswires

October 19, 2020 02:09 ET (06:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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