F2i Fondi Italiani per le Infrastrutture
| Società per Azioni | |
| Industry | Financial |
| Founded | January 23, 2007 |
| Founder | Vito Gamberale |
Area served | Italy |
| Website |
www |
F2i Fondi Italiani per le infrastrutture SGR is the Italian asset management company that controls the F2i fund, which specialises in investments in the infrastructure sector.
History
F2i was established on 23 January 2007 as an initiative of Cassa Depositi e Prestiti, a state owned bank and social security fund. In May 2008 it finalised its first acquisition, by purchasing a 15.7% in Alerion Clean Power S.p.A.
After this, it acquired stakes in Enel Stoccaggi (49%) [1] and Infracis (26%).[2]
In February 2009, it closed the fund raising of the F2i fund, which finally reached a capital of €1.85 billion, and became a shareholder of HFV (49.8%), Interporto Rivalta Scrivia (22.7%) and Enel Rete Gas (80%), through F2i Reti Italia S.r.l., for overall shareholdings of €550 million.
In July 2010, through F2i Rete Idrica Italiana S.p.A., it took over a 24% stake in San Giacomo S.r.l., the majority shareholder of Mediterranea delle Acque, for the establishment of a pole that would invest in water networks by exploiting the liberalisation of the sector: Iren held the remaining shares. The stake reached 40% in the months after.
In October 2010, it acquired a 65% stake in GESAC for €150 million [3] - GESAC being the handling company that controls Naples-Capodichino Airport - and a 54% stake in Software Design, a company specialised in airport software.
In December 2010, alongside Finavias S.r.l. (AXA group) F2i invested €255 million for a 100% stake in E.ON Rete, a company belonging to the E.ON group, that is active in natural gas distribution in Italy with circa 600,000 clients in 300 Municipalities and a grid which extends for 9,100 kilometres. After this operation, F2i gained control of 50,000 kilometres of grid, over 2.7 million clients and a 15.8% market share.
In May 2011, the consortium made up of F2i (87.5%) and Intesa Sanpaolo (12.5%) took over a 100% stake in Metroweb, a telecommunications company that controls a 330,000-kilometre-long optical fibre network covering an area of over 2.7 million inhabitants, mainly in the Municipality of Milan and partially in the rest of Lombardy. The value of the operation was equal to €436 million.
On 6 June 2011, alongside AXA, F2i acquired a 100% stake in G6 Rete Gas [4](owned by GDF Suez) for €772 million; G6 Rete Gas is active in methane gas distribution with 990,000 clients and 4 billion cubic metres of methane delivered through 13,000 kilometres of pipes. After this operation, F2i gained control of more than 18-20% of the gas distribution market.
On 15 May 2012, the Guardia di Finanza, following an order by the Milan Public Prosecutor’s Office, searched the offices of the Municipality of Milan, F2i and Sea in relation to the sale of a 29.75% stake in Sea - the company that manages Milan’s airports - to F2i. During the enquiry, Vito Gamberale was under investigation for bid rigging and one of his partners, Mauro Maia, was also under investigation.[5]
F2i’s €1.85 billion capital was almost entirely invested in the acquisition of shareholdings: therefore, F2i II, the second investment fund, was launched in October 2012 with an initial capital of €575 million, which reached €1.2 billion within the following 24 months.[6][7]
References
- ↑ European electricity transmission grids line up for divestment
- ↑ F2i AIMS FOR THE MOTORWAY SYSTEM IN NORTHERN ITALY
- ↑ BAA announces sale of Naples International Airport
- ↑ F2i and AXA Private Equity acquire G6 Rete Gas from GDF Suez Energia Italia
- ↑ Sea, indagato Vito Gamberale per cessione quote società a F2i. La Finanza in Comune – Il Fatto Quotidiano
- ↑ lestradedellinformazione.it
- ↑ f2isgr.it