Jump to content

CDP Equity

From Wikipedia, the free encyclopedia
CDP Equity S.p.A.
Native name
Cassa Depositi e Prestiti Equity S.p.A.
FormerlyFondo Strategico Italiano S.p.A.
Company typeSocietà per azioni
IndustryFinancial services
Founded2011; 14 years ago (2011)
FounderCassa Depositi e Prestiti
HeadquartersPalazzo Busca,
Milan
,
Italy
Area served
Italy
Key people
ServicesMerchant bank
Increase €249.446 million (2014)
Total assetsIncrease €5.564 billion (2014)
Total equityIncrease €4.833 billion (2014)
OwnerCassa Depositi e Prestiti (100%)
ParentCDP Group
SubsidiariesOpen Fiber
Ansaldo Energia
Fincantieri
Websitewww.cdpequity.it
Footnotes / references
In separate financial statements[1]

Cassa Depositi e Prestiti Equity S.p.A. (formerly Fondo Strategico Italiano S.p.A.; FSI S.p.A.) also known as CDP Equity S.p.A., is a majority state-owned Italian sovereign wealth fund established in 2011. Its purpose is to invest in strategic Italian companies to help them to compete globally.

History

[edit]

The fund was established in 2011 as Fondo Strategico Italiano.[2]: 25  Its mandate was to invest in strategic Italian companies to help them to compete globally.[2]: 25  The fund's activity is restricted to healthy and profitable Italian businesses, with solid growth prospects, in need of capital injection to enlarge their business and be competitive on a global scale.[3] The initial capital of the fund totalled €1 billion, with 90% of this sum contributed by CDP and 10% from Fintecna. The CDP is ready to inject a total amount of €4 billion.[3]

The fund was set up by the state-controlled lender Cassa Depositi e Prestiti (CDP) on the directive of Economy Minister Giulio Tremonti, emulating a similar fund in France, allegedly after French dairy company Groupe Lactalis SA made a successful takeover bid for Parmalat.[4]

The fund become a member of the International Forum of Sovereign Wealth Funds and signed up to the Santiago Principles on best precise on managing Sovereign Wealth Funds.[5][6][7]

In September 2011, Maurizio Tamagnini, formerly a top investment banker at Merrill Lynch, was hired as the CEO of the fund.[4] The position of chairman is filled by Giovanni Gorno Tempini, who was also the CEO of CDP, and is now its chairman of the board.[8]

On 31 March 2016, Fondo Strategico Italiano was renamed into CDP Equity.[9]

On 5 August 2016, Bank of Italy withdrew its 20% stake from CDP Equity.[10]

Atlantia’s 88% share in motorway company Autostrade per l'Italia was bought in 2021 by a consortium of CDP Equity, Blackstone and Macquarie Group. CDP Equity holds 51% of the consortiums shares, while each other member holds 24,5%.[11][12]

CDP Equity, together with other CDP Group subsidiaries signed a memorandum of understanding (MoU) with Khazanah Nasional in October 2023.[13]

CDP Equity holds a majority of the shares in power generation equipment supplier Ansaldo Energia as well as in shipbuilding group Fincantieri.[14][15][16]

Investments

[edit]

In May 2012, the Italian Strategic Fund stated that it would give financial backing to help fund a project that will bring fiber-optic cable to Italy's main cities, as part of the country's attempt to increase high-speed internet connectivity. The €4.5 billion project, led by fibre-optic company Metroweb (was a subsidiary of F2i First Fund via F2i Reti TLC) will receive an initial €200 million from Fondo Strategico Italiano through F2i Reti TLC. There is also an option for the fund to provide a further €300 million.[17]

In May 2012, the Fondo Strategico Italiano acquired an 18.6% stake in biopharmaceutical company Kedrion S.p.A. from holding company Sestant S.p.A. for a total of €150 million. In addition, the Fondo Strategico Italiano has an option to acquire a majority stake in Kedrion from Sestant.[18]

Also in May 2012, the defence and aerospace group Finmeccanica agreed to sell its 14% stake in aero-engine parts maker Avio to the Fondo Strategico Italiano. According to Finmeccanica, the deal is subject to Avio being listed on the Milan stock exchange before the end of 2012.[19] In November 2012, Prime Minister Mario Monti, signed with the Government of Qatar a €2 billion development project; the main investor is Qatar Holding.[20]

It was announced in March 2014, that the Fondo Strategico Italiano had made a non-binding offer for a 30% stake in the Spanish olive oil producer Deoleo.[21]

In July 2016 Enel Open Fiber acquired Metroweb from F2i SGR and Cassa Depositi e Prestiti. However, CDP Equity also acquired 50% stake in Open Fiber.[22][23][24] In 2021, CDP Equity and Macquarie bought the remaining 40% of Open Fiber not owned by the companies. CDP Equity raised its shares to 60% and Macquarie to 40%.[25][26]

In March 2021 CDP Equity and Eni launched the joint venture Green IT to develop solar and wind energy project for the next five years with an Investment of $957 million. 49% of the company is owned by CDP Equity and 51% by ENI.[27][28] In March 2023, Green IT and Copenhagen Infrastructure Partners began developing three floating wind projects off the coast of Italy.[29] In April 2023, additional funds of €1.7 billion were agreed upon for GreenIT. The funds will be used for the development and construction of onshore and offshore plants as well as the re-powering of existing plants.[30][31][32]

References

[edit]
  1. ^ "2014 Bilancio" [2014 Annual Report] (PDF) (in Italian). Fondo Strategico Italiano. 19 May 2015. Archived from the original (PDF) on 22 December 2016. Retrieved 26 September 2016.
  2. ^ a b Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. ISBN 9780674271913.
  3. ^ a b SWF Institute. "Italian Strategic Fund". SWF Institute. Archived from the original on 2012-04-26.
  4. ^ a b Christopher Emsden (12 September 2011). "Tamagnini Named CEO of Italian Strategic Fund". Wall Street Journal.
  5. ^ International Forum of Sovereign Wealth Funds. "IFSWF Our members". Archived from the original on 27 September 2016. Retrieved 24 September 2016.
  6. ^ CDPequity.it. "Invest with CDP Equity". Retrieved 28 October 2016.
  7. ^ "Santiago Principles Self-Assessment - CDP Equity SpA". Retrieved May 29, 2021.
  8. ^ "Executive Profile: Giovanni Gorno Tempini". Bloomberg Businessweek. Archived from the original on January 18, 2013.
  9. ^ "FSI - About us".
  10. ^ "The Bank of Italy's capital withdrawal from CDP Equity (formerly FSI SpA)". Bank of Italy. 5 August 2016. Retrieved 9 August 2016.
  11. ^ "Exclusive: CDP consortium's bid to value Atlantia unit at 9 billion euros - sources". Reuters. 2021-02-24. Retrieved 2025-03-22.
  12. ^ "EU Clears Sale of Atlantia's ASPI to Group Led by Italy's CDP". Bloomberg Law. 2021-11-12. Retrieved 2025-03-22.
  13. ^ "Khazanah and CDP Group collaborate for investment opportunities". The Star. 2023-10-05. Retrieved 2025-05-02.
  14. ^ "Gas crisis forces Italy's Ansaldo to raise $569 million in capital". Reuters. 2022-11-30. Retrieved 2025-03-22.
  15. ^ "99.2% of Fincantieri's 400 million capital increase subscribed". inforMARE (in Ukrainian). 2024-07-12. Retrieved 2025-03-22.
  16. ^ "Portfolio". Cassa Depositi e Prestiti. Retrieved 2025-03-22.
  17. ^ Stephen Jewkes, Luca Trogni and Danilo Masoni (28 May 2012). "Italy fund to inject up to 500 mln euro in fibre rollout". Reuters. Archived from the original on March 5, 2016.
  18. ^ Research Views (28 May 2012). "Fondo Strategico Italiano Acquires 18.6% Stake In Kedrion From Sestant For $188 Million". Research Views. Archived from the original on 1 February 2013.
  19. ^ Stephen Jewkes and Hans-Juergen Peters (31 May 2012). "Finmeccanica to sell Avio stake to state-led fund". Reuters. Archived from the original on 1 June 2012. Retrieved 30 June 2017.
  20. ^ Doherty, Regan. "Italy's Monti seals investment deal with Qatar". U.S.
  21. ^ "Italy strategic fund says made offer for stake in Spain's Deoleo". Reuters. 6 March 2014. Archived from the original on 7 March 2014. Retrieved 6 March 2014.
  22. ^ "OPEN FIBER PERFEZIONA L'ACQUISIZIONE DI METROWEB". www.enelopenfiber.it (in Italian). Retrieved 2016-12-24.
  23. ^ "OPEN FIBER: CDA APPROVA FUSIONE METROWEB". www.enelopenfiber.it (in Italian). Retrieved 2017-01-27.[permanent dead link]
  24. ^ "ENEL ACCELERATES ON BROADBAND WITH METROWEB ACQUISITION". www.enel.com. Archived from the original on 2016-08-29.
  25. ^ "Macquarie and CDP win EU approval for Open Fiber acquisition". Reuters. 2021-11-21. Retrieved 2025-03-22.
  26. ^ Hardy, Stephen (2021-11-15). "European Commission approves CDP/Macquarie takeover of Open Fiber". Lightwave. Retrieved 2025-03-22.
  27. ^ "Italy's Eni, CDP form joint venture to invest 800 mln euros in renewable energy". Reuters. 2021-03-11. Retrieved 2025-05-02.
  28. ^ Ellichipuram, Umesh (2021-03-12). "Eni and CDP Equity to develop renewable energy assets in Italy". Power Technology. Retrieved 2025-05-02.
  29. ^ "Three floating wind projects planned in Italy - The Energy Year". theenergyyear.com. 2023-03-23. Retrieved 2025-05-02.
  30. ^ "Eni's Plenitude and CDP Equity commit to decarbonisation of Italy's electricity sector through GreenIT investment". EuropaWire. Retrieved 2025-05-02.
  31. ^ Takyar, Sarthak (2024-01-10). "GreenIT, Galileo to build 140 MW of solar PV in Italy". Renewable Watch. Retrieved 2025-05-02.
  32. ^ Kavitha (2024-01-19). "GreenIT and Galileo Reach Agreement for Eight Solar PV Projects in Italy". SolarQuarter. Retrieved 2025-05-02.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=CDP_Equity&oldid=1288408911"