Sardinian airports, term sheet signed for single management of Sardinian airports

We are moving forward. Another step towards building the single company to manage Sardinia's three airports. The step forward comes with the signing between the Autonomous Region of Sardinia, the Cagliari-Oristano Chamber of Commerce, the Fondazione di Sardegna, and F2i SGR, in its capacity as the management company of the F2i funds, of the Term Sheet relating to the path towards the creation of the system of Sardinian airports of Cagliari, Olbia, and Alghero. The objective is "to outline a possible integrated corporate and industrial structure between the airport management companies Sogaer (Cagliari Elmas), Geasar (Olbia) and Sogeaal (Alghero)". A single directorate, therefore, for the management of the three airports, which together handle around 10 million passengers a year.

For the underwriters, the path was set in motion in 2023 with the merger (arranged by two separate resolutions) of Sogeal by incorporation into Geasar, which is also a step forward in view of the future National Airport Plan.

Not a 'mere corporate reorganisation', as the promoters emphasise, 'but a tool to provide Sardinia with a unitary and coordinated airport system, capable of enhancing the different vocations of the airports and the reference territories and more effectively supporting the island's needs for mobility, territorial continuity, tourism development and economic growth'.

The Term Sheet identifies, in particular, some essential elements of the operation that concern "the possible contribution by the Cagliari-Oristano Chamber of Commerce of its shareholding in Sogaer, in the parent company of the airport system ("Aeroporti di Sardegna")". Furthermore, "the entry of the Region into the "Aeroporti di Sardegna" structure and the definition of a governance model that provides for a significant role of public shareholders, to oversee the development of the territory, and an institutional industrial role of private shareholders, to guarantee the effective implementation of the project and the related synergies".

That's not all, however, because the signed document also envisages the establishment of a committee to monitor territorial development strategies and investments financed with public funds, 'with advisory and informative functions on business plans, management trends and infrastructure interventions, and territorial continuity activities'.