1. CAAP acquired 25% interest in CAI from ICD, increasing ownership to 100%. 2. This acquisition increases CAAP's indirect interest in Toscana Aeroporti by 15.6%. 3. Transaction completed via share swap; independent valuation ensured fairness. 4. CAAP now fully controls key airports in Florence and Pisa. 5. In 2024, passenger numbers fell slightly compared to previous years.
The acquisition enhances CAAP's operational control and market position, likely boosting investor confidence.
Strengthened control over CAI likely improves operational efficiency and revenue prospects for CAAP.
Increased stake in CAI positions CAAP for sustained growth in Italian market; benefits may accrue over time.
LUXEMBOURG--(BUSINESS WIRE)-- Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”), one of the world’s leading private airport operators, announced today that it has acquired, through a wholly-owned subsidiary, the remaining 25% interest in Corporación América Italia S.p.A. (“CAI”) from the Investment Corporation of Dubai (“ICD”), thereby increasing its total interest in CAI to 100%. CAI holds a 62.28% interest in Toscana Aeroporti S.p.A. (“TA”), the Company’s subsidiary that operates the Pisa and Florence airports.
The transaction was completed through a share swap agreement, with CAAP delivering 1,996,439 newly issued shares to ICD as consideration for the 25% interest in CAI. To ensure a fair valuation, an internationally recognized firm was engaged to provide an independent fairness opinion.
With this acquisition, CAAP has increased its indirect economic interest in Toscana Aeroporti S.p.A. by 15.6%, further strengthening its strategic position in the Italian airport sector.
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com