Partners Group Said to Weigh Options for Telepass Stake in Italy

(Bloomberg) — Private equity firm Partners Group is exploring options for its 49% stake in Telepass SpA, people familiar with the matter said, potentially reshaping the ownership of the toll-road payment business controlled by Italy’s Benetton family.

Zurich-listed Partners Group is in the early stages of considering alternatives for the stake it acquired in 2021, the people said, declining to be identified as the information is private. Considerations are preliminary and any deal may not come together until after year-end, the people said. Partners Group could also decide to keep the asset for longer, they added.

Mundys SpA, an infrastructure conglomerate owned by the Benetton family, holds the remaining 51% in Telepass. Mundys is in no rush to sell out its stake and has been supportive of the strategic plan helmed by Chief Executive Officer Luca Luciani, who took the reins of the Rome-based company last year, the people said. Blackstone Inc. holds an about 38% stake in Mundys, formerly known as Atlantia. 

Representatives for Partners Group, the Benetton family, Mundys and Telepass declined to comment.

Founded in 2017, Telepass operates electronic toll services and also offers mobility services such as cashless payments for fuel, parking and cabs, according to Mundys’ website. The company has a presence in 17 European countries. Partners Group’s transaction in 2021 valued Telepass at more than €2 billion ($2.3 billion) including debt.

The Benetton family used to own Autostrade per l’Italia, which is a major operator of toll roads in Italy. The family agreed to relinquish control of the company following the deadly Genoa bridge collapse in 2018. A stake sale in Autostrade to a consortium led by Italy’s state lender Cassa Depositi e Prestiti was finalized in 2021. Blackstone and Macquarie Group Ltd. were part of the group as well.

©2025 Bloomberg L.P.