Investment Corporation of Dubai (ICD), an investment arm of the Government of Dubai, acquired 25 per cent stake in Corporación America Italia (CAI), a subsidiary of Corporación América Airports (Caap), the largest private sector airport concession operator in the world by number of airports, said a press statement on Thursday.
The two parties also signed a Memorandum of Understanding (MOU) to jointly pursue new opportunities in the airport sector in Italy, Eastern Europe (excluding Russia) and the Middle East.
The parties didn’t disclose the value of the deal.
CAI is the controlling entity of Toscana Aeroporti, a publicly traded Italian company which manages and holds the concessions for the Florence and Pisa airports in Italy. Since its initial public offering in February 2018, Caap acquired an additional 11 per cent ownership stake in TA, increasing its stake from 51 per cent to approximately 62%. Following the closing of the Transaction, Caap will have a 75 per cent share ownership of CAI.
Mohammed Al Shaibani, CEO, Investment Corporation of Dubai, said the establishment of a partnership with Caap is in line with the sovereign wealth fund’s strategy to diversify its portfolio.
“The purchase of shares in CAI augments the partnership whilst also giving ICD access to Toscana Aeroporti, an established, well-performing airport group in a mature economy with development potential.”
“This partnership provides a solid foundation to jointly identify and develop new opportunities in the airport sector in the future, while maintaining our focus on delivering on our growth strategy in other key markets, primarily Argentina and Brazil,” said Martin Eurnekian, CEO of Corporación América Airports.
The Transaction is expected to close by August 31, 2018 – subject to satisfaction of certain customary conditions precedent.