The Parties Sign a Memorandum of Understanding to Explore New Airport Opportunities in Middle East, Eastern Europe & Italy
Corporación América Airports S.A. (NYSE: CAAP) (“CAAP”) the largest private sector airport concession operator in the world by number of airports and Investment Corporation of Dubai (“ICD”), the principal investment arm of the Government of Dubai announced today that they have entered into a share purchase agreement whereby CAAP will sell 25% of its wholly owned subsidiary Corporación America Italia S.p.A. (“CAI”) to ICD (the “Transaction”).
“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.”
CAAP and ICD have also entered into a Memorandum of Understanding (“MOU”) to jointly pursue new opportunities in the airport sector in Italy, Eastern Europe (exc. Russia) and the Middle East. The MOU aims to build upon CAAP’s management capabilities and deep knowledge of the airport industry as well as ICD´s unique access to financing and the capital markets.
CAI is the controlling entity of Toscana Aeroporti S.p.A. (“TA”), 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% ownership stake in TA, increasing its stake from 51% to approximately 62%. Following the closing of the Transaction, CAAP will have a 75% share ownership of CAI.
The Transaction is expected to close by August 31, 2018 subject to satisfaction of certain customary conditions precedent.