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Autostrade becomes majority shareholder in ETC Corporation

Europe’s largest toll road operator, Autostrade, is taking a majority position in USA toll systems provider, ETC Corp (Electronic Transactions Consultants Corporation), which was founded in 1999 by Timothy Gallagher. Autostrade will now take over from Gallagher as the majority shareholder with 63%, who will now hold around 34%. ETC’s systems collect nearly one-third of the toll transactions in the USA, representing more than US$1 billion in annual revenue. The company, which is based in Richadson, Texas, operates advanced toll systems for some of the USA’s largest toll authorities, and offers all-electronic toll collection (ETC), dynamic pricing, HOT lanes, interoperability, and open road tolling (ORT), together with associated back-office systems.

Autostrade per l’Italia Spa, a wholly owned subsidiary of Atlantia SpA, operates 2,855km (1,733 miles) of toll motorways in Italy. The company also has operations in Brazil, Chile, India, France, Poland, and the USA. In France, it operates one of the world’s largest distance-based toll schemes, using a satellite-based system for trucks covering 15,000km (9,400 miles) of state motorways.

The transaction is seen as strengthening the capital of the company, as well as benefiting both companies through their areas and regions of operation. Gallagher commented, “Since 2007 Autostrade has been an excellent partner and shareholder of ETC Corporation. This additional level of investment strengthens our relationship and enables us to further leverage the synergies between our two companies, to serve the toll and transportation industries. ETC Corporation will continue to be led by our talented management team, which represents some of the most experienced and knowledgeable leaders in toll collection. In addition, Christopher Melnyk of Autostrade has been nominated as ETC Corp’s new chairman of the board, while I will continue to serve as a member of the board and chief executive officer of the company.”

May 4, 2012

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