Fusioni & Acquisizioni

📈 The sale of Gruppo Alpitour has slowed, with negotiations with Goldman Sachs ongoing for five months. Giovanni Tamburi, the main shareholder, acknowledges a deceleration in the process, stating there's no hurry and all options remain open. Despite the delay, Alpitour exceeded its budget in the first quarter of 2024. Potential buyers have suggested that the company was valued at its peak.

💸 Allianz Partners and Alidays Travel Experience announced a partnership offering travelers multi-risk insurance solutions tailored to different needs with varying coverage levels. These solutions include travel assistance, medical expenses, baggage coverage, delayed delivery, late arrival, return home, continuation of travel, and extended stay. Advanced packages incorporate cancellation and trip interruption, and the most complete package includes access to the allyz digital platform by Allianz Partners. Customers can also enhance their policy with additional medical expense coverage. Davide Catania, CEO of Alidays, emphasizes shared values focused on client welfare. Marco Gioieni, CEO of Allianz Partners Italia, highlights the union of digital innovation and human touch in their offerings.

🚢 Gnv increased its fleet investment by approximately €100 million, totaling €600 million. The company's annual economic impact is €1.36 billion, with internal trade generating €8.2 billion. CEO Matteo Catani announced four new ferries, operational by the end of 2026, with the first delivered in China by October 2024. Passenger capacity enhancement for the second, third, and fourth ferries raises cabin numbers to 450. The order's initial cost of €500 million rose by approximately 20% due to this upgrade. The ferries will minimize emissions and the first two will cut CO2 by 30%, while the fourth with dual fuel LNG by 50%. Gnv Polaris arrives in late 2024, followed by Gnv Orion in summer 2025, Gnv Virgo in 2026, growing the fleet from 25 to 29 ships within two years.

🛠 Idral, a Piedmontese company specializing in public space faucetry, joins the global leader in bathroom products, Gruppo Roca, which operates in over 170 countries. This partnership enhances Idral's international presence, innovative capabilities, and distribution of sustainable, high-quality solutions, especially in the public and commercial bathroom markets. Gruppo Roca's faucet division is strengthened by this acquisition, aligning with their commitment to world-class bathroom solutions and shared values of family, sustainability, and innovation.

✈️ In 2024, the global aviation industry experiences a 10% increase in traffic volumes and revenue growth, according to AlixPartners. However, the sector faces challenges such as delayed new aircraft deliveries, technical issues causing fleet groundings, and high operational costs. Ticket prices in Europe and North America rose 9-12% from 2019. Low-cost market share in Europe reached 56%, but declines are seen in North America, South America, and Asia. Merger and acquisition activities dropped sharply, with a 46% decrease from the previous year and 69% less than the 2019 peak, totaling over €47 billion. AlixPartners anticipates more aggressive private equity funds involvement in 2024.

📌 Human Company, partnering with global real estate firm Hines and Italian private equity operator Clessidra, announces a capital increase of €120 million for new company formation. This marks their entry into outdoor tourism, aiming to expand Human Company's growth. Currently, the company manages 12 properties, projects a €150 million revenue, and anticipates a €40 million EBITDA by 2024 for the open-air tourism segment.

🏦 Latam Airlines Group S.A. launched a public offering on the New York Stock Exchange involving the sale of 19,000,000 American Depositary Receipts (ADRs), each representing 2,000 ordinary shares. Shareholders are offering an additional option to purchase up to 2,850,000 ADRs within 30 days at the initial public offering price. The company will not receive any proceeds from the sale. Trading on the NYSE is expected to resume around July 25, 2024. Goldman Sachs & Co. LLC, Barclays Capital Inc., and J.P. Morgan Securities LLC are the global coordinators, with additional underwriters including Citigroup Global Markets Inc. and others, and Morgan Stanley & Co. LLC as a co-manager.

🛫 Global air transport disrupted due to a Microsoft system failure linked to a business platform antivirus update. Partial services restored, but numerous airports and airlines halted operations. Flight groundings in US airports and disruptions in Europe, specifically Berlin and Amsterdam, as well as in Australia and India. Financial markets impacted: Paris down 0.66%, Milan 0.53%, London 0.72%. Airline stocks fell: Air France-KLM 2.25%, Lufthansa 2.58%, easyJet 2.37%, Ryanair 3.2%.

🏬 Ita Airways is set to join forces with Lufthansa, bringing a dowry of 400 million euros in cash plus an impending 240 million dollars for three Airbus purchases, following a financing pattern similar to February's 80 million dollar secured bond issuance for an A330Neo, due 2034. The bonds, listed on Vienna's Euro Mtf market by Irish-registered Castlelake L.P., allow asset backed financing covering up to 80% of the aircraft's value. With a year-on-year revenue increase of about 25% and summer bookings keeping pace with a 30% capacity boost, Ita Airways fortifies its dowry for the year-end 325 million euro investment from Lufthansa for a 41% stake.

📌 Uvet's June 2024 Business Travel Trend report, with data from Italy's leading firms across various sectors, shows a transaction index of 81, three points above the year's average and equal to May. Global economic value at 91, down six points from May and five year-to-date. Average spending index dipped to 112 from 120 the previous month and 11 year-to-date, indicating lower average prices in June. Car rentals surged in transactions (134 vs 122) and travel value (155 vs 151), while flights declined in transactions (72 vs 76) and global economic value (76 vs 86). Hospitality and rail sectors remained stable with year-to-date trends at 96 and 67 in transactions, and 108 and 74 in travel value, respectively. Domestic trips indexed at 91, Europe at 94, and intercontinental at 88. Uvet's index benchmarks against 2019's base 100 for comparison (Source: www.uvet.com).