F2i to sell stake in airport business

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
F2i to sell stake in airport business

Italy's infrastructure investor F2i plans to sell up to 49 % of F2i Aeroporti, a company that holds stakes in some of the country's main airports.

F2i Aeroporti holds a 36 % stake in Milan's SEA airport operator, Italy's second-largest airport operator by passenger numbers and Europe's ninth-largest.

It also owns 54 % of Turin airport operator SAGAT and 70 % of Naples airport operator GESAC, and indirectly holds minority stakes in Bergamo and Bologna airports.

According to Reuters, the deal could value company at around €1 billion.

F2i Aeroporti's president Mauro Maia added that preliminary documentation had been sent to more than 50 sovereign wealth funds (SWF), pension and infrastructure funds worldwide.

Maia said F2i was seeking a long-term equity partner to take a minority stake in the company to help F2i develop further the business.

F2i Aeroporti represents the largest airport platform in Italy, with 35 % of air passenger traffic and almost 70 % of the air cargo market.

F2i's airport investments reported combined, proforma core profit of €254 million in 2013, on proforma revenues of €1 billion. Debts stood at around €545 million.

The sale will be structured as a two-part auction. Non-binding offers are expected in July and a second round of binding bids will follow between September and October.

F2i Aeroporti has appointed banks HSBC and UniCredit for the planned sale.

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.