Shares in Getlink rose by over 4% on Tuesday following an announcement from Italian infrastructure group Mundys that it will expand its investment in the operator of cross-Channel transport assets.
Mundys said it will immediately buy 3.5% of Getlink’s share capital and has secured an option to acquire a further 6%. The option is conditional on clearance from the UK government under the National Security and Investment Act 2021, with that approval expected by April.
The acquisition will be executed via Mundys’ fully owned vehicle Aero 1 Global & International S.à r.l. After the first tranche completes, Mundys will hold 19% of Getlink’s share capital and up to 24.9% of the company’s voting rights. If the UK clearance is granted and the option exercised, the stake could increase to 25% of share capital and a maximum of 29.9% of voting rights. Those figures are calculated from Getlink’s capital structure of 550 million shares and 699,916,029 voting rights as published on March 11.
Mundys said it may choose to augment its holding further depending on market conditions, but it emphasised that it does not intend to seize control or to seek additional board nominations as part of this move. The company framed the transaction as a continuation of an engagement with Getlink that began in 2018.
The Mundys group, which is controlled by Edizione with Blackstone as its second-largest shareholder, operates motorway and airport concessions across 24 countries. The company reported that France will be its largest market in 2025, accounting for 28% of its EBITDA.
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Key transaction mechanics and market impact:
- Mundys will acquire 3.5% of Getlink immediately and retains an option on 6% subject to regulatory clearance.
- The initial purchase will leave Mundys with 19% of share capital and up to 24.9% of voting rights; full approval could lift share ownership to 25% and voting rights to 29.9%.
- Calculations are based on Getlink’s published totals of 550 million shares and 699,916,029 voting rights as of March 11.
The announcement and subsequent stock reaction underline investor attention on changes in ownership among strategic infrastructure investors and the role of national security review in transactions involving critical transport assets.