Francesca Landini and Stephen Jewkes

MILAN (Reuters) – The Benetton family is in talks with Blackstone Investment Fund (NYSE:), to finalize a bid to acquire Italy’s Atlantia. This comes as they prepare to announce one of the biggest takeovers this year.

Benetton’s holding company Edizione is expected to approve a deal on Wednesday. This could put the group of roads and airports at more than 48 Billion Euros ($51.90Billion), if the 30 billion net debt is taken into account.

It would make it the second largest global transaction of 2022, behind Activision Blizzard’s (NASDAQ) $69 billion purchase.

Atlantia will be able to take 8 billion euros in the forceful sale of its Italian motorway business unit. The deal is intended to resolve a political conflict that was sparked by 2018’s collapse of an Italian motorway bridge.

After nearly four years of Atlantia being in danger and having its reputation destroyed by the deaths of 43 bridge workers, the takeover marks a new phase.

Last week, Edizione stated that it is in discussions with Blackstone about Atlantia. This was after the company rejected the Brookfield and Global Infrastructure Partners’ proposals to buy Atlantia. The plan would have been to hand over its motorway concessions and to Spain’s Florentino perez.

One source claimed that the Benettons had been offered funds to complete their exit from the company and expressed their intent to disintegrate the group. This was a slap to the family, which stood behind their investment in the wake of the bridge crisis.

Blackstone and The Benettons now want to delist Atlantia, in an effort to defend it against rival suitors.

Perez, a Spanish business tycoon controls the construction company ACS. This in turn oversees Spanish road group Abertis and Atlantia.

Sources claimed Perez, and the money backing him, were still in a wait and see mode after the Benettons rejected their offer. But they had not withdrawn from the race.

We would consider it highly unlikely to receive a counter offer, given Ediziones stake and the government’s intervention in cases of foreign bids,” Intesa Sanpaolo, an Italian broker said Wednesday.

Atlantia shares rose 0.9% to 21.92 euro at 1330 GMT

According to Reuters Edizione, Blackstone considered an offer of 22-23 euros per share on Tuesday. This would be a 30% premium over Atlantia’s stock prices in the past six months.

($1 = 0.9249 euros)