Spending €30 million in exchange for only the power to call a shareholders' meeting. This would reduce the regional shareholding, which would remain below 10%. This summarizes the strategy of the Region, which has decided to support the takeover of F2i Ligantia, the investment fund set to acquire, with the approval of the Regional Council, Cagliari airport (Sogaer), after having taken control of Alghero airport (Sogeaal) in 2016 and Olbia airport (Geasar) in 2022.
The proposed transaction – The takeover of F2i Ligantia has been a drag since 2023, when the Chamber of Commerce of Cagliari and Oristano, the majority shareholder of the capital's airport with a 94.4% stake in Sogaer, announced a share transfer in kind. This means the Fund would open up, at no cost, to a capital increase from the current 0.2%, but instead of paying the Chamber of Commerce, it would make it a shareholder in the new single management company. This would be 40.5%, equal to the value of the acquired shares. This is the strategy, although the price of the transaction has never been officially disclosed. Only estimates exist. In Alghero, F2i Ligantia already controls 71.25% of the shares, and in Olbia, 79.8%.
Northern Sardinia – If the Sardinian privatization deal were to go through, speaking of estimates, F2i Ligantia would be sitting on a stake valued at €840 million in 2022, a sum calculated from the prices of the three Sardinian airports. Indeed, Sogeaal is valued at €22.5 million, Geasar at €362 million, and Sogaer at €455.5 million. You'll need a calculator. Currently, the Region holds a 28.75% stake in Alghero, combining a direct 23% and a 5.75% stake held by SFIRS, the Sardinian financial company. Compared to the €22.5 million value of the airport, the current public stake is worth €6.4 million. But under the single management scenario, this figure, i.e. €840 million, corresponds to just 0.76%. This is where the Region's share of Sogeaal falls: from its current nearly 30%, the Region would drop below €1. Applying the same reasoning to the Costa Smeralda, we get this picture: in Geasar, the Region holds a 1.6% stake, equivalent to €5.7 million, again taking into account the port's overall valuation of €362 million. However, under the single management, this figure has an impact of 0.6%, assuming the port's "price" remained unchanged. This would still be another point lost in the shareholder base.
Cagliari – The regional government currently holds a 4.1% stake in the capital's airport, combining its 0.7% direct interest with the 3.4% held by SFIRS. Mameli is valued at €455.5 million, resulting in a public share of €18.6 million. This figure, once again considering the single management model, would be equivalent to 2.2%.
Current scenario – Now we need to add up all the partial shares. Therefore, the Region currently has shareholders worth €6.4 million in Alghero, €5.7 million in Olbia, and €18.6 million in Cagliari. The total is €30.7 million. Add to this the additional €30 million allocated in the 2025 Budget to support the privatization of F2i Ligantia. The total capital would be €60.7 million, which, compared to the €840 million total value of the Sardinian airports, would correspond to a 7.2% stake.
Future Forecast –
What can be done with this 7.2% is written in a press release issued by Geasar and Sogeaal on May 29, 2023, when the two management companies approved the merger into NSA, Nord Sardegna Aeroporto. This merger was suspended in 2023 by the Cagliari Court, Business Section, and the judges will have to rule on the merits on February 27, again based on the appeal filed by former Transport Councilor Antonio Moro. "Each of the public shareholders with at least 2.5% of NSA's capital can request a meeting to be convened." Nothing more. While the Region currently holds 28.75% in Alghero and 1.6% in Olbia, "in NSA it holds 3.29%," adding the 0.36% held by SFIRS. Everything is still written in the official release.
