Macquarie sells Rome airport stake for EUR 1.2 bn

Macquarie Airports, part of Australia's Macquarie conglomerate, has agreed to sell its holding in Aeroporti di Roma (AdR) to Italy's Gemina for EUR 1.24 bn. Through the deal Gemina is acquiring a 45% stake in Rome's main airport operator, which runs Fiumicino-Leonardo da Vinci and Ciampino airports. The Italian holding company already owns 51% of Aeroporti di Roma. Gemina said in a statement that the deal - which will bring its interest in AdR to 96% - is expected to close by the end of July.

Macquarie bought its stake in AdR for EUR 480 mln in 2003 and is selling it for almost three times as much. The sale is believed to come in the wake of dissent between the two major stakeholders over the management of AdR. 'The transaction allows for a resolution of the uncertainty that has surrounded the governance of AdR', Gemina said in a press release. The deal 'will provide the conditions for the future development of Rome's airport system,' the company added.

The agreement implies a total equity value for AdR of EUR 2.76 bn. Kerrie Mather, ceo of Macquarie Airports, said: 'While we would have been a willing longterm owner of this excellent asset, the terms offered by Gemina represent a full and fair valuation for our investment. With the recent deadlock now resolved, the way is now open for AdR to fulfill its undoubted potential.'

Gruppo Banca Leonardo and Macquarie Bank (London Branch) acted as lead financial advisers to the seller together with Intesa Sanpaolo. Mediobanca and Capitalia acted as financial advisers to Gemina. The company said it will use a bridging loan of up to EUR 1.4 bn - organised by Italian banks Mediobanca and Capitalia - to pay for the purchase. Gemina will also carry out a capital increase of up to EUR 1.25 bn. Gemina's shareholders include the Benetton family, Mediobanca, Capitalia and insurer Generali. Franco Tato stepped down as ceo of Gecima last Friday, just ahead of the expected bid.