F2i chooses Ardian and Crédit Agricole Assurances to pursue its development in the airport industry

February 6 2015

Following a process carried out over the last months to select a partner and support its investment strategy in the airport industry, F2i has chosen a consortium formed by Ardian (60%) and Crédit Agricole Assurances (40%). The consortium will acquire 49% of F2i Aeroporti S.p.A.

F2i Aeroporti is the holding company of F2i First Fund which owns 35.7% of SEA S.p.A. (Milan Malpensa and Linate Airports), 70% of GESAC S.p.A. (Naples Airport) and 54.5% of SAGAT S.p.A. (Turin Airport). These companies individually hold indirect stakes in SACBO S.p.A. (Bergamo Airport) and SAB S.p.A. (Bologna Airport). Secondo Fondo F2i, F2i’s second fund, also holds a 8.6% stake in SEA S.p.A.

These airports, which are directly part of F2i Aeroporti’s network, handled a total of approximately 37 million passengers in 2014 (+4.7% increase on the previous year), corresponding to 25% of the Italian market in terms of passengers. The total turnover of the network is approximately Euro 900 million.

This deal marks the beginning of a partnership, which will drive F2i Aeroporti’s development strategy in the sector.

Ardian and Crédit Agricole Assurances bring significant infrastructure and airport sector expertise. Ardian and Crédit Agricole Assurances hold investments in the London Luton Airport and Aéroports de Paris, respectively.

The transaction has been submitted to the antitrust authorities for their approval, and the closing is expected within the next 2-3 months.

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PR-CAA-F2i 06-02-2015