Giovanni Tamburi consolidates his presence in Alpitour World with an operation that marks a change of direction compared to the strategies announced in the past. Tamburi Investment Partners (Tip) has in fact exercised the right of pre-emption to acquire 36,027% of the capital of the Italian tourism giant, bringing its participation, through Asset Italia 1, to 94,661%, with the possibility of further growth up to 95,328% through co-sale rights or put options.

A €207,2 million operation on a total company valuation of €565 million, which confirms Tip's desire to strengthen its commitment to the group. According to rumors, the move was accelerated by the interest shown by the MSC Group for a minority stake, an eventuality that could have altered the balance of the national tourism sector. Alpitour, in fact, is not only the main Italian tour operator, but also controls the airline Neos and holds 50% of Welcome Travel, the largest Italian network of travel agencies, shared with Costa Crociere. Tip's exercise of pre-emption suggests that MSC's offer was perceived as a possible hostile takeover.

The structure of the operation

The acquisition was carried out through Asset Italia 1, an investment vehicle of Alpitour in which Tip holds a 36,2% stake. In particular, Tip exercised the right of pre-emption to acquire the entire stake in Alpiholding held by the companies Dal 1802 Educazione Cultura Salute Ambiente Tecnologia Srl and Parabensa, attributable to Andrea Ruben Levi, historic minority shareholder and vice-president of the board of directors of Alpitour. At the same time, it provided Alpiholding with the financial resources necessary to exercise in turn the pre-emption right on the Alpitour shares held by the same two companies.

As reported in the official note of Tip, the operation allows to consolidate the control over Alpitour, further reducing the presence of external partners and strengthening internal governance.

Solid numbers and growth prospects

The basis for Tip's decision is Alpitour's positive financial results. The balance sheet approved by the board of directors on January 29 highlights:

Revenues of approximately 2,1 billion euros (+7% compared to the previous year);
EBITDA of approximately 138 million euros;
Net worth exceeding 900 million euros;
Net financial position of approximately 212 million euros as of 31 October 2024;
Growth forecasts for 2025 between +15% and +20% in the various business segments.

These data made the investment particularly interesting, pushing Tip to strengthen its financial commitment.

Involvement of other investors

To acquire its pre-emptive share, Tip invested 74,2 million euros, with the possibility of increasing the commitment up to 207,2 million in the event that the other shareholders do not adhere to the operation. The parties involved also include Angelini Investments, d'Amico Società di Navigazione and the Ferrero Group, already present on the board of directors of Tip. Their participation demonstrates the strong financial support for the growth of Alpitour.

Tip reiterated its willingness to guarantee full financial coverage of the operation:

“Tip undertakes to adhere to the procedure not only for the individual share due to it, but also for the share that is not covered due to the adhesion to the add-on by other members related to Alpitour, so as to guarantee Asset Italia coverage of the entire financial requirement for this additional investment.”