France-based investment firm Ardian has agreed to pay 850 million euros ($985 million) to create a strategic partnership with Italian motorway network firm Gavio group to support the growth of motorway infrastructure companies.
Under the deal, Ardian will buy a 40 percent stake in a Nuova Argo Finanziaria, the vehicle which owns 58.6 percent of American Society for Testing and Materials, which in turn owns 63.4 percent of SIAS Corp.
The strategic partnership is designed to boost the role of Gavio as an infrastructure player.
Germany-based private equity firm Aurelia and Ardian said in a joint statement Aurelia will receive up to $406.7 million of the sum paid by Ardian under certain conditions by way of an earn-out.