F2i and Save are leading the race to privatise Catania Airport
The Spanish firm Corporacion America is also reportedly set to submit an expression of interest. Among Italian firms, Mundys is also keen on the deal. The deal is expected to be finalised by the end of the year
(Il Sole 24 Ore Radiocor)- Preparations are underway for the privatisation of Catania Airport (operated by Sac). According to Radiocor, expressions of interest are expected from Corporacion America (which controls Toscana Aeroporti), whilst among the Italian companies at the forefront are Save and F2i (through F2i Aeroporti). Also reviewing the dossier is Mundys, which already manages Rome Fiumicino Airport in Italia and whose mission is to seek out every opportunity the market may offer in the airport and transport sectors.
The deadline for submitting preliminary proposals is 15 June, and it is highly likely that the list of interested parties will be much longer. After all, it was the company itself that announced that, due to the “high number” of requests for clarification from operators interested in the sale process – some of whom have their registered offices outside the European Union – it had been necessary to postpone the date initially set for 4 June. In addition to European parties, there are also said to be “a number of non-EU operators interested in the process”. The deal is reportedly of interest to the Abu Dhabi sovereign wealth fund, Adq, and Vinci Airports, one of the world’s leading international airport operators.
The process; deal expected to be finalised by the end of the year
In terms of the timetable, once expressions of interest have been received, the shareholders of SAC – namely the public shareholders (the Chamber of Commerce, Industry, Crafts and Agriculture of South-East Sicily holds approximately 60.64%; the Metropolitan City of Catania, the Free Municipal Consortium of Syracuse and the Regional Institute for the Development of Productive Activities, each holding approximately 12.12%; the Municipality of Catania with approximately 2.02% and the Municipality of Comiso with 0.96%), will decide at a shareholders’ meeting the actual stake to be put up for sale. At present, there is general talk of a 51% stake, but according to rumours, the range could reach up to 61% for a value expected to range between €500 million and €600 million. In addition, the governance principles will be approved, which will define the rights that will remain with the public shareholders as minority shareholders following privatisation. The approach would be the one traditionally used for such transactions: the party acquiring the majority stake would be responsible for appointing the CEO, whilst the appointment of the chairman would fall to the minority shareholders.
The next step will be the approval of the business plan which will form the basis of the tender. An investment plan worth 1.3 billion is envisaged, including the expansion of Terminal A, the construction of Terminals B and C, a new runway, car parks, public transport links and a new taxi rank to improve traffic flow at the two airports. Once these steps are complete, phase two will begin: verification of requirements, the opening of the data room and the invitation to submit a non-binding bid. Ideally, taking into account the “August break”, the second phase should conclude by the end of September. This will be followed by phase three, with the contract award expected to take place by the end of the year.
