By Mauro Orru

Atlantia SpA's shares jumped Wednesday after reports that the company is close to reaching an agreement with Italian state lender Cassa Depositi e Prestiti to relinquish control over highway operator Autostrade per l'Italia SpA.

At 0945 GMT, Atlantia shares traded 15% higher at EUR15.50.

The Italian infrastructure company is considering spinning off 70% of its 88% stake in Autostrade as well as a capital increase of 6 billion euros ($7.15 billion) for Cassa Depositi e Prestiti and other funds, Equita Sim analyst Stefano Gamberini said, citing reports from Italian daily La Repubblica.

The potential deal would pave the way for the reduction of debt at Autostrade by using EUR4 billion out of EUR6 billion raised, with the remaining EUR2 billion to acquire the 18% stake Atlantia will have left, Mr. Gamberini said, adding the deal effectively values Autostrade at EUR11 billion.

"It will be important to verify if tomorrow's Atlantia Board of Directors will include this solution among the several ones under analysis," Mr. Gamberini said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

September 02, 2020 06:07 ET (10:07 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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