Mundys strengthens its strategic position in Getlink and consolidates its presence under the Channel. The Italian infrastructure group controlled by the Benetton family through the holding company Edizione Spa has announced the acquisition of a stake up to 9.5% of the capital of the European company that manages the tunnel between France and the United Kingdom, a key infrastructure for European traffic.
This is not an entry, but a further step in a presence already started in 2018: with this operation, Mundys aims to strengthen its role among the main shareholders of Getlink and to consolidate an already significant position in one of the continent’s most strategic assets.
ALL THE NUMBERS OF THE OPERATION
In detail, the operation is divided into several phases. A first tranche, equal to 3.5% of the capital, will be acquired immediately. To this is added the possibility of increasing up to a further 6%, subject to regulatory approval expected by April 2026.
After the first step, Mundys will hold 19% of Getlink’s capital and up to 24.9% of voting rights, confirming itself among the main shareholders of the group. In perspective, the stake could rise to 25% of the capital and 29.9% of voting rights.
The strengthening also involves a non-trivial technical structure: part of the stake derives from the conversion of derivative contracts – the so-called total return swaps – into shares. Essentially, these are instruments that allowed the group led by Andrea Mangoni to have economic exposure to Getlink previously, benefiting from the stock’s performance without formally holding the shares. The conversion therefore marks the transition from a “financial” presence to a direct and visible participation in the capital, making explicit a positioning that had been built progressively over time.
Regarding the overall value of the operation, market estimates speak of about one billion euros, consistent with the size and capitalization of the French company.
NO CONTROL, BUT LONG-TERM INVESTMENT
Mundys is keen to clarify that it is not aiming for control. The group chaired by Alessandro Benetton emphasizes that it has “no intention to assume control nor to request the appointment of additional members to the board of directors,” implying a strategy as a stable industrial investor rather than a buyer.
The logic is that of a long-term commitment, consistent with a presence started eight years ago and progressively strengthened. The operation “confirms the long-term commitment” to support the company, management, and development strategy, as highlighted by the group.
In other words, Mundys wants to have more influence, but without changing governance balances.
GETLINK, THE HEART OF CONNECTIONS BETWEEN THE UNITED KINGDOM AND EUROPE
At the center of the operation is Getlink, a company listed on the Paris Stock Exchange (and also in London) and holder of the concession until 2086 of the tunnel under the Channel, one of Europe’s most important infrastructure assets.
The group manages rail traffic between Coquelles and Folkestone, through shuttles for passengers and freight (Eurotunnel), and is also active in rail freight transport with Europorte and in energy interconnection with ElecLink.
This is a unique infrastructure, directly connecting the United Kingdom to the continent and representing an essential hub for logistics, tourism, and energy. It is therefore not surprising that it continues to attract capital and industrial attention.
THE MARKET APPLAUDS: GETLINK RISES IN PARIS
The market reaction was immediate. Getlink’s stock rose up to +4.4% on the Paris Stock Exchange, reaching the highest levels since August 2022 immediately after the announcement of the operation.
A clear signal: investors read Mundys’ strengthening as a positive factor, capable of providing greater stability to the shareholder base and supporting the group’s industrial prospects.
MUNDYS’ FRENCH STRATEGY
The operation fits into a well-defined strategy: strengthening the presence in France, considered by Mundys a key market. The country is indeed the group’s largest contributor to EBITDA, with 28% in 2025.
Over the years, Mundys has invested about 11 billion euros in French infrastructure and today controls significant assets such as the Sanef, Sapn, and A63 motorways (through Abertis) and the Aéroports de la Côte d’Azur, including Nice airport, the second busiest French airport by traffic.
About 6,000 group employees work in France, confirming a structured and not episodic industrial presence.
In this context, the strengthening in Getlink appears as a coherent piece: consolidating presence along one of the main European corridors.
WHAT MUNDYS IS TODAY
Mundys (formerly Atlantia) is today a global infrastructure group controlled by the holding company Edizione with Blackstone as the second largest shareholder.
It manages motorway and airport concessions and provides mobility services in 24 countries, with a model increasingly oriented towards sustainability and integrated mobility.
After delisting from Euronext Milan in December 2022, the group has maintained its status as a public interest entity and today has bond issuances listed in Dublin.
A transformation that has given greater strategic flexibility and is also reflected in operations like the one on Getlink.
The strengthening under the Channel should ultimately be read as part of a broader game: that for the control and development of Europe’s major infrastructures.
