Transport

Single-region airports in Sardinia, a step forward from the Region

A shared document with economic and contractual terms was approved. In the holding company the airports of Cagliari, Alghero and Olbia

by Davide Madeddu

20 March 2026

Aeroporto di Olbia Costa Smeralda, code all’imbarco
(Imagoeconomica) — Aeroporto di Olbia Costa Smeralda, code all’imbarco (Imagoeconomica)

4' min read

Translated by AI

Versione italiana

Key points

Starting in 2023
The rest of the way
Unions in favour

4' min read

Translated by AI

Versione italiana

Another piece in the mosaic leading to the single management of Sardinia's airports. Taking a step forward, this time, is the Region with the approval of the document that contains the main economic and contractual terms, also shared by the Cagliari Chamber of Commerce, F2i Ligantia S.p.A. and the Fondazione di Sardegna and which 'will regulate the eventual regional participation in the operation'.

The objective of the project, which does not envisage the sale of the airports but the industrial integration of the airports, is to 'strengthen Sardinia's airport system through the creation of a coordinating holding company that will allow the airports to operate as a single integrated system'. A management that should also have the effect of increasing routes, attracting investment and supporting the island's tourism development and mobility. "The public presence," emphasise the Region, "remains central even in the future corporate configuration, with the involvement of the Chamber of Commerce and other institutional partners.

Beginning in 2023

The affair began in 2023 with the merger (ordered by two separate resolutions) of Sogeal (Alghero) by incorporation into Geasar (Olbia). These resolutions were then challenged by the previous regional administration before the Court of Cagliari with proceedings on the merits pending.

This was followed by the decision of the Cagliari and Oristano Chamber of Commerce, which, as reconstructed in the Region's resolution, 'adopted a resolution concerning the subscription by the latter "of a capital increase in Ligantia through the contribution in kind of the shareholding held by the Chamber in Sogaer Spa", in order to implement the "Sardinian airport integration project", through the transfer of the Cagliari and Oristano Chamber of Commerce's shareholding to the F2i Ligantia fund'. Resolution challenged before the TAR by Confocommercio Sud Sardegna 'still pending'.

The Studio

From the Region, the decision was taken to appoint an advisor for a multidisciplinary analysis in economic, financial and legal terms of the merger of the shareholding structures of the Sardinian airport management companies and for the evaluation of possible alternative options'. The study indicated positive elements and paved the way for the document shared with F2i Ligantia S.p.A. and the Chamber of Commerce of Cagliari Oristano concerning the "Industrial Integration of Sardinian Airports. Term Sheet -Holding". "The contents of the Term Sheet will regulate the possible regional participation in the Transaction and define, in brief, some of its fundamental elements, both with reference to the different steps of the Transaction itself, and with reference to the regulation of the relationships between the future shareholders of the Holding (as regards, among other things, the governance structure and the transfer of stakes in the Holding)".

The rest of the way

The road is not yet finished. Because after the Region's policy document, the administrative acts concerning both the Region and the Chamber of Commerce are missing, and thus what is required by the civil code and the Madia decree. The authorisation steps are also in progress.

Such as the approval by the Presidency of the Council of Ministers "pursuant to the applicable regulations on golden power", the favourable resolution of the AGCM, the approval by the Ministry of Transport of the shareholders' agreement scheme among the Holding Company's shareholders, the favourable resolution of the Court of Auditors "on the conformity of the Transaction" and the "favourable resolution of the AGCM on the non-existence of the prerequisites for the exercise of the powers pursuant to Article 21-bis, Law No. 287 of 10 October 1990".

According to the Region's assumption, the closure of the entire procedure with 'the signing of the binding agreements' is for 30 September 2026, 'provided that the applicable conditions are met'.

Unions in favour

Despite some perplexity and stances, there are those who look positively on the new course. "The way the air transport system has evolved, a sector that has been completely liberalised, it is no longer postponeable to have a single director of the three Sardinian airports," emphasises Arnaldo Boeddu, secretary general of the CGIL's Filt trasporti. Certainly, it is no longer elusive to overtake the five million passengers at Cagliari airport and the three million at the Costa Smeralda airport recently named after Prince Haga Kan, and substantial investments are urgently needed. By networking and having a single director, which does not at all mean privatisation, the management company or companies would not only have stronger contractual power with the companies but could also better plan the networks of the various territories'.

For Claudia Camedda and Gianluca Langiu of the CISL, 'the idea of building an integrated airport system can be a useful choice if it is aimed at strengthening the role of Sardinian airports, increasing connections and attracting investment. However, an operation of this magnitude cannot be read solely as a corporate or financial reorganisation, it must first and foremost be an industrial project capable of generating development, job quality, and balanced territorial growth'.