The Benetton family and the Blackstone investment firm announced a buyout deal for Atlantia, an Italian highway and airport group, on Thursday, valuing it at 48 billion euros ($52.4 billion) including debt.

The family behind the Benetton style stores is now Atlantia’s primary investor, with a 33.1-percent stake, and the proposition looks to pre-empt a potential adversary bid from Spanish framework bunch ACS.

Under the arrangement, Atlantia investors would get 23 euros for each offer, alongside a 0.74-euro profit, esteeming the gathering at 19 billion euros and making it one of the greatest assume control over offers this year.

The buyers will have to pay 12.7 billion euros for the 66.9-percent stake that the Benetton family does not already own, and they would inherit Atlantia’s net debt of 29 billion euros.

The Benettons — a name more famous for fashion stores — considers Atlantia as a strategic asset. The deal would take the company private, shielding it from hostile takeover bids.

The offer aims to “not only to best support Atlantia’s industrial projects” but also to “preserve the integrity of the group and its Italian identity”, Alessandro Benetton, president of Benetton’s holding company, Edizione, said in a statement.

The Benettons own 65 percent of the investment vehicle being used for the transaction while Blackstone controls 35 percent.

Atlantia employs more than 30,000 people in 24 countries. It runs five airports in France and Italy as well as motorways in 10 countries.

ACS, which is headed by Real Madrid president Florentino Perez, announced on April 6 that it had reached an “exclusive agreement” with two investment funds, GIP and Brookfield, to acquire the majority of ACS’s motorway concessions business.

Edizione last week dismissed a spontaneous methodology from ACS.

The Spanish gathering could attempt to outbid Benetton as it is flush with liquidity following the offer of its energy business to French gathering Vinci for right around five billion euros.