Catania Airport: 10 bidders in phase 2 of the privatisation process, including Mundys, Save and 2i Aeroporti
The data room is due to open in a few days’ time
(Il Sole 24 Ore Radiocor) - A total of 14 parties have submitted expressions of interest in the privatisation of Catania and Comiso airports, involving the sale of a majority stake amounting to at least 51 per cent of the share capital of Sac (the operator of the two airports). Of these, 10 have progressed to phase two of the process. As reported by Radiocor, these include Corporacion America (which operates Florence and Pisa airports), Royal Schiphol Group, Mundys, Adani Airport, Save, 2I Aeroporti, Mag Overseas Investment, Oman Airports Management Company, Macquarie European Infrastructure Fund and Vinci Airports. “We have concluded phase one of the process, from which we excluded four bidders because they did not meet the requirements set out in the tender notice,” said SAC’s CEO, Nico Torrisi, during a press conference held following the board meeting that approved the business plan for the revitalisation of the two airports. “Among the 10 bidders admitted to the second phase are some of Italy’s largest airport operators, which confirms the enormous interest in our assets,” he said, emphasising that “the interest is in both Sicilian airports: Catania and Comiso. Phase two is now underway, during which the bidders will be able to review our business plan and consider whether and how to improve it in order to revitalise the two airports. In the coming days, we will open the data room and the selected bidders will be able to submit a proposal to improve our business plan, as well as a financial offer – which, however, is not binding but will be assessed in conjunction with the business plan.” Torrisi emphasised that “the mandate we have been given is to find the best buyer – not the one who pays the most, but the one who will be best able to develop our airport system”. Regarding the timetable, the senior executive explained that “the second phase will conclude in the autumn, after which the third phase will begin. In this regard, by mutual agreement, the binding bids submitted by the five parties admitted to the third phase will be submitted for consideration by the board, which will ultimately decide whether or not to sell their shares”. Finally, a comment on governance: “The rules have been unanimously approved by the Board of Directors and will ensure that our local minority shareholders retain their positions.”
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