The Spanish government Friday approved the partial privatization of the largest airport operator in the world, the Spanish AENA that go public on February 11, announced the Minister of Public Works (Transport and Works), Ana Pastor.
“The stockmarket flotation will take place on February 11,” said the minister at a press conference following the weekly cabinet meeting.
The price range was set between 43 and 55 euros per share, giving a value to the whole company between 6,450 million and 8,250 million euros, according to a document published by AENA.
The government plans to sell in two stages 49% stake in AENA, keeping 51% for the state, said the minister, who noted that the first is to form a hard core of shareholders will own 21% of capital at the end of the operation, while 28 remaining% go public next month.
AENA manages 46 airports and two heliports in Spain and has fifteen stakes abroad, for example at London Luton Airport or more of Latin America, in Colombia and Mexico. In 2014, it hosted almost 196 million passengers only in Spain.
A first attempt stockmarket flotation in autumn, which was not carried out by a technical problem, provided a lower range of between 41, 5 euros and 53.5 euros, giving a value of between 6,200 and 8,000 million euros to the company, considered too high by analysts.
But increased traffic and results make AENA wait to climb a little price range, which would put its valuation between 6,400 million and 8,200 million euros, according to the Spanish press.
As a comparison, its main European competitors, the French ADP hosts around 93 million passengers and German Fraport about 104 million annually, according to the most recent information from both 2014 and 2013 respectively.
In the first nine months of the year, the turnover of AENA increased by 6.3% to 2,390 million euros and net profit increased 8.8% to 371 million.
This was made possible by a “profound transformation of the company that has allowed it to be profitable first, “the vice president of the Spanish government, Soraya Saenz de Santamaria
welcomed, in a press conference at the end of the weekly cabinet council. AENA conducted a drastic austerity policy after several years losses during the economic crisis in Spain. He fired 20% of its workforce, after which recorded in 2013 a net profit of 567 million euros, after several years of losses.
A first attempt at partial privatization in the fall of 2011, on the campaign trail and affecting only the airports of Madrid and Barcelona, was adjourned sine die. Spain was thus escape at that time estimated revenues of 7,000 million euros
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