Macquarie to sell Rome airports stake

Gavin Lipsith

Print Article E-Mail Article E-Mail Author

The Australian airports group is to sell its 44.7% shareholding in Aeroporti di Roma, handing control to a consortium including the Benetton family, owners of Autogrill

Macquarie Airports is to sell its 44.7% stake in Rome Fiumicino and Ciampino airports owner Aeroporti di Roma (AdR). The Eu1.237bn ($1.649bn sale will give the Gemina consortium—which comprises Autogrill owners the Benetton family, finance groups Mediobanca, Capitalia and Generali, plus private equity fund Clessidra—a controlling 51% stake in the airports group if the deal is approved by competition authorities.

Although the AdR holding is Macquarie Airports’ largest asset—the others being Sydney International, Brussels International, Bristol International and Copenhagen Kastrup International airports—it is the only one it does not control, and the group has been looking to either take control or exit the Italian airports for “some time”, according to CEO Kerrie Mather.

The decision follows disagreement over how to manage the airport, particularly over long-term investment plans and real estate projects. The uncertain future of Italian carrier Alitalia, due to be auctioned by the Italian government, will also have influenced Macquarie’s decision.

Mather said: “While this decision has been a difficult one given our preference to hold investments for the long-term, we believe that it is an attractive offer...We will now focus on our remaining portfolio where [we have] majority interests. We are embarking on exciting projects at all our airport investments.”

She suggested that the AdR experience had not put Macquarie off participating in airport privatisations. “Macquarie is well placed to continue to participate in the privatisations of airports globally, and we see substantial future opportunity in this area,” she said.