Mundys
Mundys S.p.A. is an Italian multinational holding company engaged in the management and operation of transportation infrastructure, including toll motorways and airports, with a focus on sustainable mobility solutions.[1][2]
Rebranded from Atlantia in March 2023 after a voluntary delisting and ownership restructuring, Mundys is controlled by a core group of shareholders led by Edizione S.r.l., the investment vehicle of the Benetton family, alongside partners such as Blackstone Infrastructure Partners and the Cassa di Risparmio di Torino Foundation.[3][4][2]
The company oversees an extensive portfolio of concessions, encompassing over 8,300 kilometers of motorways primarily through subsidiaries like Autostrade per l'Italia and Abertis, as well as airport operations including Rome's Fiumicino and Ciampino facilities and Nice Côte d'Azur Airport.[2][4][5]
A defining controversy for the group stemmed from the August 2018 collapse of the Morandi Bridge in Genoa, operated by its subsidiary Autostrade per l'Italia, which resulted in 43 fatalities and prompted Italian government intervention, including fines, concession revocations, and a mandated sale of majority stakes in key motorway assets to restore public trust and overhaul governance.[6][7][8]
History
Foundation and Early Consolidation (1950–2000)
Autostrade Concessioni e Costruzioni S.p.A., the predecessor entity to Mundys, was incorporated in September 1950 as a joint-stock company under Italian law by the Istituto per la Ricostruzione Industriale (IRI), a state-owned industrial reconstruction institute, to oversee the construction, concessioning, and operation of motorways as part of Italy's post-World War II infrastructure rebuilding.[9][4] Initially state-controlled, the company focused on expanding the nascent motorway system to support economic recovery and rising motorization, managing initial concessions amid a network totaling around 500 km in the early 1950s.[10][11] A pivotal early project was the 1956 agreement between Autostrade and the state road authority ANAS to co-finance, build, and operate the Autostrada del Sole (A1), Italy's flagship north-south artery spanning 764 km from Milan to Naples; construction commenced that year, with key sections—including Florence to Rome in 1961 and Bologna to Florence and Milan to Bologna in 1964—opening progressively, and the full route completed by 1968.[4][12] This initiative symbolized Italy's "economic miracle," facilitating industrial integration between the north and south while Autostrade secured operational rights under long-term concessions.[13] From 1962 to 1968, Autostrade obtained further concessions for additional radials and links, driving network growth to over 5,500 km by 1975, with the company handling a majority of toll-managed segments through engineering feats like Apennine crossings.[4][11] Consolidation continued into the 1980s and 1990s via maintenance, tolling standardization post-1981, and preparation for liberalization, though expansion slowed after 1975 due to the oil crisis and Law 492, which temporarily halted new builds.[14][15] In 1999, amid Italy's state divestment push to curb public debt, IRI divested Autostrade to private investors via public offering, with control passing to a consortium led by the Benetton family's Edizione holding, ending decades of full state ownership and initiating a phase of market-oriented management while retaining core concession assets.[4][16] By 2000, Autostrade operated approximately 5,000 km of motorways, solidifying its dominance in Italy's infrastructure sector.[10]Expansion and Renaming to Atlantia S.p.A. (2000–2021)
In 2003, the group restructured by separating its core motorway infrastructure assets into Autostrade per l'Italia S.p.A., a dedicated subsidiary focused on managing over 3,000 kilometers of Italian toll roads, while the parent company pursued broader strategic opportunities.[4] This move facilitated further consolidation and listing of the infrastructure arm, enhancing operational focus and investor access.[4] Beginning in 2005, Atlantia—still operating under its prior name—initiated significant international expansion in the motorway sector, acquiring concessions for approximately 2,000 kilometers of toll roads across Poland, Chile (including Costanera Norte), India, and Brazil through stakes in entities like CCR.[2][4] These acquisitions marked the group's shift from a primarily domestic operator to a multinational infrastructure player, diversifying revenue streams and risk exposure beyond Italy.[2] To reflect its evolving portfolio beyond Italian motorways, Autostrade S.p.A. was renamed Atlantia S.p.A. in May 2007, a change approved by the board earlier that year to symbolize its Atlantic-spanning ambitions and diversified operations.[17] The renaming coincided with ongoing growth, including preparations for further sectoral diversification. Diversification accelerated into aviation in 2013 with the acquisition of Aeroporti di Roma, securing concessions for Rome's Fiumicino and Ciampino airports through the merger with Gemina S.p.A., thereby entering airport management and handling over 40 million passengers annually at the time.[4][2] Subsequent expansions included the 2016 purchase of Aéroports de la Côte d'Azur, managing Nice and smaller regional airports in France.[4] A pivotal expansion occurred in 2018 when Atlantia, in joint venture with ACS, completed the acquisition of Abertis Infraestructuras S.A. in October, creating the world's largest toll road operator with concessions spanning 23 countries and over 8,000 kilometers of managed motorways.[4][18] That year, it also acquired a 15.5% stake in Getlink (formerly Eurotunnel), enhancing cross-Channel transport exposure.[4] Despite the August 2018 Morandi Bridge collapse in Genoa, which prompted regulatory scrutiny and concession revocation threats, the group pressed forward with these deals, underscoring resilience in its expansion strategy.[4] By 2021, amid resolutions to the bridge crisis—including an agreement to divest the Autostrade per l'Italia stake—Atlantia had solidified its position as a global infrastructure leader, with revenues diversified across motorways (primary), airports, and mobility services, operating in Europe, Latin America, and Asia.[4] The period's growth transformed the company from a national toll operator into a multifaceted international entity, setting the stage for subsequent strategic shifts.[4]Rebranding to Mundys, Delisting, and Recent Strategic Shifts (2022–Present)
In 2022, prior to its rebranding, Atlantia executed key portfolio realignments, including the divestiture of its controlling stake in Autostrade per l’Italia to a consortium of CDP Equity, Blackstone Infrastructure Partners, and Macquarie Asset Management, finalized on May 5, 2022.[4] The company also completed the acquisition of Yunex Traffic from the Siemens Group in June 2022, integrating expertise in intelligent transport systems serving over 600 cities across four continents and adding approximately 3,000 employees.[4] These moves supported a broader strategy to diversify beyond core Italian motorway operations toward global mobility solutions. Atlantia was delisted from the Euronext Milan stock exchange on December 9, 2022, following the successful voluntary tender offer by Schema Alfa S.p.A., which secured 100% ownership through mandatory sell-out and squeeze-out mechanisms after acquiring over 90% of shares.[19] Schema Alfa, controlled by Edizione S.p.A. (the Benetton family holding company), Blackstone Infrastructure Partners, and Fondazione CRT, facilitated the transition to private ownership, enabling greater strategic flexibility away from public market pressures.[4] This culminated in the rebranding to Mundys S.p.A. on March 14, 2023, with the new name reflecting ambitions to lead in sustainable, integrated infrastructure and mobility services on a global scale while maintaining Italian heritage.[4][3] Post-rebranding, Mundys has emphasized international expansion and innovation, including participation in Volocopter's March 2022 financing round for urban air mobility development.[4] Notable advancements include securing concessions in Chile through Grupo Costanera for Ruta 5 sections, such as Chacao-Chonchi and Temuco-Rio Bueno, extending its Latin American footprint in motorway infrastructure.[20][21] Sustainability initiatives have featured prominently, with the issuance of two €500 million Sustainability-Linked Bonds and a reported reduction in global emissions exceeding one-third as of July 2025.[22] These efforts, alongside ongoing M&A to prolong average concession durations, have bolstered financial stability, evidenced by credit rating upgrades such as Moody's from Ba2 to Ba1 in July 2025 and Fitch from BB to BB+ with stable outlooks.[23][24]Corporate Structure
Ownership and Shareholding
Mundys S.p.A. became a privately held entity after its delisting from the Borsa Italiana in December 2022, following a voluntary tender offer led by its major shareholders.[25] The company's ownership structure reflects a consortium approach, with a shareholder agreement in place that influences governance but does not tie Mundys' credit metrics directly to any single owner's financial position.[25] As of 31 December 2024, Mundys' shareholders consist of Edizione S.p.A., Blackstone, and Fondazione Cassa di Risparmio di Torino.[2] Edizione S.p.A., the investment holding company controlled by the Benetton family, holds the largest stake at 57% through its subsidiary Schema Alfa S.p.A.[26] [25] Blackstone, the U.S.-based private equity firm, owns 37.8%.[26] Fondazione Cassa di Risparmio di Torino, an Italian philanthropic foundation, possesses 5.2%.[26]| Shareholder | Ownership Stake (%) |
|---|---|
| Edizione S.p.A. (via Schema Alfa S.p.A.) | 57 |
| Blackstone | 37.8 |
| Fondazione Cassa di Risparmio di Torino | 5.2 |