September 2017
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Fairness opinion for the Independent Directors of Save, in the context of the mandatory tender offer for the entire share capital of Save triggered by the change in its shareholding structure, with the acquisition of InfraVia and Deutsche Asset Management of Mr. De Vido and Morgan Stanley stakes in Save

25_Save S.p.A

Fairness Opinion, Financial Advisor
September 2017
Client Profile
Save is the holding company of a diversified group operating transversally in the sector of travel services, mainly carried out under airport concessions. Save’s main asset is represented by Venice Marco Polo Airport, Italy’s fifth Italian airport by passengers volume. Other assets include Verona and Treviso airports.
Houlihan Lokey’s Role
Leonardo & Co. in association with Houlihan Lokey acted as advisor to the Board of Independent Directors of Save S.p.A. in the context of the mandatory tender offer for the entire share capital of Save by a new investment vehicle participated by InfraVia and Deutsche Asset Management which  acquired Morgan Stanley and De Vido stakes in Save
Transaction Snapshot
On April 2th 2017, two Save controlling shareholders (Mr. De Vido and Morgan Stanley), which held significant shares in Save through several investment vehicles, sold their stakes to InfraVia and Deutsche Asset Management. At the same time a reorganization of the vehicles holding Save shares took place, resulting in the investment vehicle Milione S.p.A. (participated be Deutsche Asset Management, InfraVia and Marchi) holding 60.7% stake of Save, triggering a Mandatory Tender Offer (€21.00 per share).