PSA Italy

Case Study

PGIM supports the acquisition of the ownership stake in PSA Italy

PSA Italy is a premier gateway ports platform consisting of three terminals located in Genoa and Venice handling c. 2 million TEUs a year, operated by PSA International, a leading port operator.

At a Glance

In March 2024, the joint venture FMV Ports (Italy) Bidco S.à r.l. owned by Fair Market Value Capital Partners (“FMV”) and TD Asset Management (“TDAM”) agreed on acquiring 28% interest in PSA Italy from PSA International.

In May 2024, PGIM provided long-term fixed rate Senior Secured Notes to support the acquisition of the ownership stake. Both sponsors, FMV and TDAM, explored bank and institutional investor financing solutions, however, ultimately chose to partner with PGIM to the combination of our terms package, long-term maturity profile, and cost of debt.

We are excited to formalise our relationship with Fair Market Value Capital Partners and TD Asset Management through this investment.

Relationship Since 2024

Transaction details:

Senior Secured Notes

“We are pleased to have the support of an institutional investor of the calibre of PGIM in the financing of this acquisition. PGIM's strong understanding of the ports sector and local knowledge combined with the overall financing package offered made them our clear partner of choice for this financing.”

Frederic Michel-Verdier, Founding Partner & CEO, Fair Market Value Capital Partners