Italian developer Atlantia has agreed to buy a 21.3 percent stake in airport operator Save in a deal worth €174 million.
The sale is priced at €14.75 per share, although this is subject to a possible increase in the event of a higher public purchase or exchange offer of Save’s remaining shares in the next three years.
The shares will be bought from San Lazzaro Investments Spain, in a deal that will make Atlantia the second-largest shareholder in the company after Marco Polo Holding.
Save operates Venice’s two airports, Marco Polo and Treviso, which together make up Italy’s third-largest airport group after Rome and Milan. The two hubs reported traffic growth of 9.6 percent in the first half of this year.
Save also owns a 27.65 percent stake in Brussels’ Charleroi Airport.
Atlantia’s acquisition of the stake in Save comes two months after it agreed a €1.2 billion deal alongside EDF Invest to buy 60 percent of Aéroports Côte d’Azur, the company that controls Nice, Cannes-Mandelieu and Saint Tropez airports, from the French government.