TIP, through its controlled vehicle Asset Italia 1 srl, has exercised its right of pre-emption to acquire an additional 36.02% stake in Alpitour from Dal 1802. This strategic maneuver follows the suspension of a formal sale process initiated in 2023, as the shareholders elected to consolidate control rather than exit to external bidders. The transaction allows Asset Italia to increase its total shareholding in the tour operator to approximately 94.6% (and up to 95.3% depending on co-sale rights). The rationale for the consolidation is rooted in Alpitour's exceptional financial recovery and structural profitability, characterized by significant revenue growth and high margins. By securing nearly full ownership, TIP and its club deal partners aim to further stabilize the group’s capital structure and capitalize on promising tourism sector tailwinds, leveraging Alpitour’s substantial asset base and market dominance to drive long-term industrial value.

ALPITOUR, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN as low as the average currently observed in the Retail & Consumer sector (11.0x).

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