Italian insurer Generali has informed that it has sold its indirect stake in Venice airport operator SAVE for €60 million (US$82 million), as part of its efforts to sell off non-core business interests. Generali owned a 33.5 % stake in Agorà  Investimenti S.r.l. which controls 38.9 % of the shares of SAVE, the company that owns the airports.

"The deal was closed for a total gross consideration of approximately €60 million, reflecting a €13 per share valuation of SAVE," Generali said in a statement.

Save's share price closed at 12.20 euros on Tuesday.SAVE holds concessions for the Venice and Treviso airports, the third largest airport system in Italy after Rome and Milan.

Generali sold the indirect stake to a company wholly owned by Finanziaria Internazionale (Finint). Finint in turn sold the stake to Star Holdings, a company owned by Morgan Stanley Infrastructure Partners Fund.

Morgan Stanley Infrastructure already had acquired in 2008 a 16.4 % stake in Agorà  Investimenti S.r.l. With the new acquisition, InfraPPP understands that Morgan Stanley Infrastructure owns a 49.9 % stake in Agorà  Investimenti S.r.l. or an indirect 19.44% stake in SAVE, the company that owns the airports.