Overview
F2i said on Thursday that it will retain control of 2i Aeroporti following a term sheet signed by CDP Equity, the state-backed investor, for the potential acquisition of a minority share in the airport operator. The proposed transaction, set out in non-binding agreements, would leave the overall control structure of 2i Aeroporti unchanged, F2i said.
Deal terms and ownership split
CDP Equity has signed non-binding paperwork to purchase an 8.9% stake in 2i Aeroporti, which manages six airports including facilities in Milan, Naples and Turin. According to a Wednesday statement from F2i, the breakdown of the stake would see CDP Equity buying 0.9% from F2i and 8% from Spain's Asterion.
F2i currently holds 51% of 2i Aeroporti while Asterion owns the remaining 49%. F2i reiterated that the proposed transfer of minority shares would not modify who controls the company.
Reporting and response
The announcement followed a report in Il Sole 24 Ore that said CDP Equity's minority purchase could represent an initial move toward taking control of 2i Aeroporti. F2i denied that characterization, restating that the transaction as described in the term sheet would not change the company's control structure.
Contextual notes
All agreements between the parties are described by F2i as non-binding. The company has publicly identified the precise allocation of the contemplated 8.9% stake between F2i and Asterion, and has countered media suggestions that the minority acquisition signals an attempt to gain control.
This article presents the facts released by the parties involved and reports on the publicly stated positions regarding ownership and control of 2i Aeroporti.