Deal represents the largest European buyout to date in 2018.

Global Infrastructure Partners (GIP), a leading global, independent infrastructure investor, has announced that its third equity fund, Global Infrastructure Partners III, has agreed to acquire 100 percent of the equity interest of Italian railway operator Italo – Nuovo Trasporto Viaggiatori S.p.A. (Italo) for Euro 1.94 billion in cash.

Italo, headquartered in Rome, is the first and only private operator in the European high-speed rail passenger transportation market, and the second-largest operator in Italy, with a market share of more than 35% in terms of passenger/km per year. The transaction is subject to antitrust approval, and is expected to close within the second quarter of 2018.

The Latham & Watkins team was led by London partner David Walker and Milan partners Stefano Sciolla, Giovanni Sandicchi and Antonio Coletti, with London associate Linzi Thomas and Milan associates Giovanni Spedicato, Guido Bartolomei, Valerio Di Mascio, Michele Golinelli, Carlotta Artioli, and Marta Vella. Advice was also provided on regulatory matters by Milan associates Cesare Milani and Bianca De Vivo, and on antitrust matters by Brussels partner Luca Crocco with associate Alessio Aresu.