F2i to sell stake in airport business

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F2i to sell stake in airport business

Italy's infrastructure investor F2i plans to sell up to 49 % of F2i Aeroporti, a company that holds stakes in some of the country's main airports.

F2i Aeroporti holds a 36 % stake in Milan's SEA airport operator, Italy's second-largest airport operator by passenger numbers and Europe's ninth-largest.

It also owns 54 % of Turin airport operator SAGAT and 70 % of Naples airport operator GESAC, and indirectly holds minority stakes in Bergamo and Bologna airports.

According to Reuters, the deal could value company at around €1 billion.

F2i Aeroporti's president Mauro Maia added that preliminary documentation had been sent to more than 50 sovereign wealth funds (SWF), pension and infrastructure funds worldwide.

Maia said F2i was seeking a long-term equity partner to take a minority stake in the company to help F2i develop further the business.

F2i Aeroporti represents the largest airport platform in Italy, with 35 % of air passenger traffic and almost 70 % of the air cargo market.

F2i's airport investments reported combined, proforma core profit of €254 million in 2013, on proforma revenues of €1 billion. Debts stood at around €545 million.

The sale will be structured as a two-part auction. Non-binding offers are expected in July and a second round of binding bids will follow between September and October.

F2i Aeroporti has appointed banks HSBC and UniCredit for the planned sale.

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