Mirova Core Infrastructure Fund acquires a majority stake in “Aton”
Mirova Core Infrastructure Fund (“MCIF”) managed by Mirova, the Natixis Asset Management subsidiary dedicated to responsible investment, has completed the acquisition of a majority stake (85%) in Aton.
Aton is an Italian concession company in charge of the construction and operation of a cogeneration plant station as well as a district heating network serving the Udine Hospital and north-west area of the city of Udine in the Friuli-Venezia Giulia region of Italy. Aton’s revenues are mainly derived from the provision of heating and air conditioning services, as well as solutions for third-party users, mostly households, which the company connects to its own distribution system.
MCIF is Mirova’s first fund devoted to brownfield Public-Private Partnership (PPP) regulated infrastructure investments in continental Europe. To date, the fund has already committed to or invested in 18 assets for a total amount of €425m1, predominantly in European PPP and infrastructure concessions, spanning from transportation to broadband networks, and including a wide range of social infrastructure projects.
The purchase agreement was concluded with Siram S.p.a, a wholly owned subsidiary of Veolia Environment in Italy, which also serves as operator for this project and will own the remaining 15% shareholding. The deal was signed in June 2016 and has fulfilled all the customary closing conditions since then.
Gwenola Chambon, Mirova’s Head of Infrastructure Funds, reacted to the news: “This transaction demonstrates Mirova’s ability and willingness to deploy capital across all continental Europe on behalf of our investors; it is the second transaction Mirova has carried out outside France over the course of the year, after the acquisition of a 24.7% equity interest in the Malaga subway project back in June 2016.”
1 Source Mirova at 11/24/16
Natixis Asset Management – Asset management company regulated by AMF under n° GP 90-009 – Limited Liability Company with share capital of €50,434,604.76 – RCS Number Paris 329 450 738 – Registered Office: 21 quai d’Austerlitz, 75013 Paris.
Mirova is a fully-owned subsidiary of Natixis Asset Management. Mirova – Public limited company with share capital of €7,461,327.50 – RCS Number Paris 394 648 216 – Approved by AMF under n° GP 02-014 – Registered Office: 21 quai d’Austerlitz, 75013 Paris.