November 2017
http://leonardo-co.com/wp-content/uploads/2018/02/F2i.png

has completed the closing of Third Fund, inheriting the assets of the First Fund through a merger

1_F2i Fondi italiani per le infrastrutture SGR S.p.A.

Transportation & Logistics
Fairness Opinion, Financial Advisor
November 2017
Client Profile
F2i Fondi italiani per le infrastrutture SGR S.p.A. is the management company of the closed-end reserved alternative investment funds “F2i – Fondo Italiano per le Infrastrutture and of “F2i – Secondo Fondo Italiano per le Infrastrutture, combined the largest Italian infrastructure funds with a total size of c. €3.1bn.

The fund F2i – Fondo Italiano per le Infrastrutture, established in November 2007, invested in several Italian infrastructure sectors, including airports, gas distribution networks, regulated water services and renewable energies. The current investment portfolio of the fund comprises direct or indirect participations in #5 companies in the airport sector (inter alia SEA S.p.A.) and #1 related company in the IT sector, #1 company in the gas distribution sector (2i Rete Gas S.p.A.), #3 companies in the renewable sector, #1 company in the water services sector and #1 company in the motorway sector.

The main shareholders are CDP 14% (controlled by the Italian Government), Intesa Sanpaolo 14% (primary listed Italian bank) and Unicredit 14% (primary listed Italian bank).

Our Role
Leonardo – Houlihan Lokey was engaged to render to the Board of Directors of F2i an Opinion as to whether assigning the aggregate fair value as of June 30th 2017 of € 1,969m to the participations held by the fund F2i – Fondo Italiano per le Infrastrutture is fair from a financial point of view.
Transaction Snapshot
F2i was evaluating a possible extraordinary transaction allowing (i) current investors of the fund F2i – Fondo Italiano per le Infrastrutture to liquidate, in whole or in part, retain or increase their investments, and (ii) new fund raising to carry out additional investments in the infrastructure sectors, also through the participation of new investors.

Such transaction will be carried out through the integration of the fund F2i – Fondo Italiano per le Infrastrutture into a new closed-end mutual fund managed by F2i, which quotas will be assigned to investors taking into consideration, among the others, the fair value as the 30th of June 2017.

Office: Italy