Italian toll road operator Atlantia is now the owner of Aeroporti di Roma (ADR), the operator of Fiumicino – Leonardo da Vinci International Airport, Italy’s largest airport and Europe’s seventh-busiest, thanks to a merger with local company Gemina.
The merger, announced on Friday, will create a concessionaire managing some 5,000 kilometres of toll roads and airports that served more than 41 million passengers last year, the centrepiece being Rome’s Fiumicino – Leonardo da Vinci International Airport.
Under the terms of the deal, no cash will change hands, with the merger instead being done via a share swap ratio of one newly issued Atlantia share for every nine ordinary or savings Gemina shares. A capital increase of a maximum €164 million is also envisaged as part of the transaction, which, when finished, will see Gemina fully absorbed into Atlantia.
The merger still has to be approved by Atlantia’s and Gemina’s shareholders at two pairs of extraordinary shareholder meetings taking place in late April and mid-May.
“The integration of Atlantia and Gemina will create a geographically diversified group combining, on the one hand, Atlantia’s increasing exposure to fast growing overseas markets (Chile and Brazil) and, on the other, traffic trends at Italy’s number one airport, which is benefitting from growth in inbound traffic and emerging markets,” Atlantia said in a statement.
Atlantia added it expects ADR to benefit from its comparative ease of access to the capital markets to help finance its €12 billion investment programme.
Atlantia – majority owned by Benetton family holding Sintonia – operates 3,000 kilometres of toll roads in Italy and just under 2,000 kilometres overseas.
In addition to the two Roman airports, Gemina also holds minority stakes in Genova and Lamezia Terme airports.
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