The Spanish government on Friday said it would float a section of the world’s largest airport operator, AENA, as part of a much-delayed privatization of the firm, Europe’s first major stock market listing of the year.
The government plans to list 28 percent of the operator on the stock market and has agreed to sell another 21 percent to three private-sector anchor investors, Spanish Minister of Public Works and Transport Ana Pastor Julian told a news conference. It will retain a narrow majority stake of 51 percent in AENA, which runs 46 airports and two heliports in Spain, and another 15 in Latin America, the US and Europe, including London’s Luton.
AENA is the world’s largest airport operator by passenger numbers, with nearly 195.9 million traveler arrivals or departures last year, a 4.5 percent increase over 2013.
AENA was hit hard by Spain’s economic downturn and underwent a massive overhaul, which included firing 20 percent of its workers and a rise in airport taxes that have helped restore it back to financial health.
The company reported a net profit of 596.7 million euros (US$668.7 million) for 2013, emerging from a net loss of 63.5 million euros the previous year.
Results for last year are not yet available, but AENA said its revenue rose 6.4 percent during the first nine months to 2.39 billion euros due to a rise in airport traffic, as Spain’s economy picked up, and stronger sales from duty free shops.
“The entry of private capital is possible now after a deep transformation of the company to make it profitable,” Spanish Deputy Prime Minister Soraya Saenz de Santamaria told a news conference.
AENA said the price range for next month’s listing was set at 43 to 55 euros per share, which values the company at between 6.45 and 8.25 billion euros.
Spain’s previous socialist government sought in 2011 to sell 90.05 percent of the shares in airports in Madrid and Barcelona, aiming to raise 5.3 billion euros.
That plan also included the sale of a 49 percent stake in AENA, but was abandoned ahead of an early general election in November 2011, which was won in a landslide by the conservative Popular Party.
In January 2012, the new conservative government was forced to shelf plans to privatize the airports because of “unfavorable” market conditions.
The government agreed last year to sell 21 percent of AENA to three anchor investors — Spanish infrastructure group Ferrovial, British investment fund TCI and Spain’s Corporacion Financiera Alba fund.
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