US fund GIP buys Italo for $2.5 billion

Rome: Global Infrastructure Partners (GIP), a US investment fund, has bought Italian high-speed train operator Italo for almost 2 billion euros ($2.5 billion). Italo is a private company led by former Ferrari chairman LucaCordero di Montezemolo. Its shareholders approved GIP’s offer late on Wednesday, the company said in a statement. GIP’s assets in the transport sector include Gatwick and Edinburgh airports in Britain, and freight train operator Pacific National in Australia. Before its US takeover, Italo was scheduled for a listing on the Milan stock exchange. A board meeting would take place later to cancel those plans. — dpa