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BAA announces sale of Naples International Airport

4-Oct-2010 7:47 AM

UK's BAA announced (01-Oct-2010) it has agreed to sell its interest in Naples International Airport to an entity controlled by F2i SGR SpA, an Italian infrastructure fund, for EUR150 million. BAA owns 65% of GESAC SpA, which holds the concession for Naples International Airport until 2043. Completion of this sale will bring to a successful conclusion the strategic refocusing of BAA's interests away from non-core and international assets to its UK airports. EUR13 million of the total price will be deferred for three years on an unconditional basis and fully backed by on demand bank letters of credit. [more]