F2i bidding for Ferrovial’s Naples airport

Italian infrastructure fund F2i is bidding for Ferrovial’s 65% stake in Naples airport in a deal that could net the Spanish infrastructure group up to €200m. F2i's bid is one of several 'spontaneous' offers for Naples airport.

F2i, the €1.85 billion Italian infrastructure fund, is one of the bidders that submitted an offer for Ferrovial’s holding in Naples airport, a spokeswoman for the fund confirmed.

F2i: in the race for Naples

As reported Wednesday on InfrastructureInvestor.com, a source close to Ferrovial indicated the Spanish infrastructure group had received several “spontaneous” offers for its 65 percent stake in Naples airport.

The stake is owned via UK airports operator BAA and its sale could net Ferrovial between €150 million and €200 million, press reports suggest.

The Spanish group is currently selling several assets in a bid to reduce its debt pile, which stood at €22 billion in September 2009. The most important of these is the divestment of a 10 percent stake in Canada’s 407 ETR highway, owned by subsidiary Cintra, which is expected to have little trouble netting the company the €500 million it is reportedly seeking for it. The deal is set to close after this summer.

It is also finalising the sale of a 60 percent stake in Cintra Chile, the country’s largest toll road operator, to Colombian power group ISA for €209 million. However, that deal has been delayed since Chile was struck by an earthquake on February 27, as both parties continue to assess damage from the quake. It is now set to close at the end of this month, both companies said, although they won’t rule out further delays.

F2i recently announced that it had teamed up with a local utility for a takeover offer for a Genoese water company.

The fund also made the headlines recently by lodging a lawsuit in a Milan court against American bank Citigroup. F2i said Citigroup started raising its infrastructure fund at the same time it had been hired by F2i to find investors for its vehicle – which it sees as a conflict of interests. After 18 months, Citigroup reported it had been unable to find investors for F2i, with the Italian fund now thought to be looking for up to €100 million in damages.