"Holding company seeks to consolidate Italy's regional airports"

Tuesday, July 27, 2004

Sagat and Sanpaolo holding company seeks to consolidate regional
airports (Un network per Aeroporti)
ITALY - IL SOLE 24 ORE


Italian airport operator Sagat, banking group Sanpaolo IMI are to team
up with Italy's chambers of commerce to consolidate the operation of
Italy's regional airports, which have seen traffic explode in the last
ten years. Bergamo, near Milan, saw its airport traffic rise by 771 per
cent from 1993 to 2003, while Florence's traffic increased by 181.7 per
cent and Venice's by 166.8 per cent. In contrast, Rome and Milan's
traffic has roughly doubled in that period.

Through Aeroporti Holding, a group jointly owned by Sagat, Sanpaolo
Private Equity, and Tecnoholding - a property and services group owned
by the chambers of commerce - the partners aim to acquire controlling
stakes in Turin's and Florence's airports, and to seek additional
consolidation with other regional airports. In September, Aeroporti
Holding will found an operating company to centrally manage services at
its airports, with an aim to become Italy's third airport operator,
after Milan's SEA and Rome's ADR. In future the group also plans to list
on the stock market.


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