Morgan Stanley said on Monday that its infrastructure unit has reached agreement with Italy's Finanziaria Internazionale on the purchase of a 16.4% stake in Agora Investimenti, owner of a 39% interest in Venice's and Treviso's airport operator Save. With a market capitalisation of EUR 612 mln, Save is listed on the Italian Stock Exchange and operates in the airport and infrastructure sectors. Venice's Marco Polo airport constitutes together with Treviso's airport, the third air traffic hub in Italy after Milan and Rome, with 8.6 million passengers last year.
Morgan Stanley said on Monday that its infrastructure unit has reached agreement with Italy's Finanziaria Internazionale on the purchase of a 16.4% stake in Agora Investimenti, owner of a 39% interest in Venice's and Treviso's airport operator Save. With a market capitalisation of EUR 612 mln, Save is listed on the Italian Stock Exchange and operates in the airport and infrastructure sectors. Venice's Marco Polo airport constitutes together with Treviso's airport, the third air traffic hub in Italy after Milan and Rome, with 8.6 million passengers last year.
Finanziaria Internazionale is retaining a 50.1% stake in Agora, while Assicurazioni Generali owns 33.5%.
'Our project of creating a strong Italian player in mobility infrastructure management has already achieved considerable results. We believe that Morgan Stanley Infrastructure's contribution will ensure further growth to Save, also as an active investor in the international markets', said Enrico Marchi, chairman of Save and Finanziaria Internazionale.
'The Save airport system, which represents a benchmark within the industry, benefits from a unique tourism market and strong Veneto region economics, and it will also benefit from an improved infrastructure endowment resulting from the development of road and rail infrastructure in the Venice region,' said Domenico Siniscalco, vice chairman of Morgan Stanley and head of Morgan Stanley Italy.
Finanziaria Internazionale is an international investment banking boutique based in Conegliano, Italy with offices in Conegliano, Milan and Luxembourg. It is primarily active in M&A advisory, private equity, asset management and securitization and employs approximately 320 people.
Morgan Stanley Infrastructure, which is part of Morgan Stanley Investment Management, acquires infrastructure assets globally.