AENA’s part privatisation. By all accounts a success and shares climbed dramatically

On 11-Feb-2015 a transaction was completed that many thought would never see the light of day - the partial privatisation of AENA, the world's largest airport operator in terms of passenger numbers; almost 200 million in 2014.

CAPA deferred commentary on this momentous event until the dust had settled but the time is now right to assess the many twists and turns in the privatisation process, its benefits to the government, AENA itself, airlines - crucially too, what the future might hold.

The outcome of a forthcoming election may hold some concerns, but the earnings multiple of 12x was a stronger figure than anticipated.