Abu Dhabi’s sovereign wealth fund, ADQ, has expressed preliminary interest in acquiring a stake in the operator of Catania airport in Sicily. According to sources familiar with the matter, ADQ is a potential suitor in the sale of SAC, the airport’s operator. While the sale process has not formally commenced, interest is reportedly building ahead of a potential launch.
Catania is Sicily’s primary airport and Italy’s fifth-busiest in terms of passenger traffic. SAC, the operator, is owned by local authorities and chambers of commerce and manages both Catania and the smaller Comiso airport under a concession agreement valid until 2049. The draft terms of the sale suggest that between 51% and 66% of SAC could be sold. SAC is a company owned by local authorities and chambers of commerce that manages both Catania and Comiso airports. Catania is Sicily’s main airport and Italy’s fifth busiest airport by passenger traffic.
The asset’s valuation is estimated between 500 million euros and 600 million euros ($580.60 million – $696.72 million). This valuation reflects sector multiples and expected core earnings of over 30 million euros this year. Italy’s civil aviation authority, ENAC, is reviewing the draft tender for the sale and a green light is anticipated by the end of October, potentially paving the way for the formal start of the process. ADQ, which declined to comment, had total assets of $251 billion as of the end of last year, with investments in sectors including energy, transport, and logistics.
Antonino Belcuore, special commissioner of the chamber of commerce of South and East Sicily, which holds a 60.6% stake in SAC, welcomed ADQ’s interest. He stated it demonstrated the asset’s significance and that the path to privatisation is the right one to continue pursuing. Mediobanca, an Italian investment bank, was appointed as an adviser to guide the sale process back in 2022. Prime Minister Giorgia Meloni has been strengthening ties with Gulf countries since taking office in 2022. Rome sealed a strategic partnership with the United Arab Emirates this year, with the UAE committing to investing $40 billion in Italy across key sectors.
