In the end, Cassa Depositi e Prestiti made its move. After months of speculation, Cdp Equity – the operational arm of the Cassa for strategic investments – is preparing to enter the Italian airport business through 2i Aeroporti, the holding company controlled by F2i and the Spanish fund Asterion that oversees the country’s main airport network. The news, first reported by the Radiocor agency and then confirmed by a joint statement, marks an important step in the strategy of the holding led by CEO Dario Scannapieco (pictured), who now considers airports a strategic infrastructure on par with energy, telecommunications, defense, or digital payments.
The operation, at least in its initial phase, involves Cdp Equity purchasing an 8.9% stake in 2i Aeroporti. The stake will be acquired 8% from Asterion Industrial Partners and 0.9% from the Third Fund managed by F2i. Once the transaction is completed, F2i will maintain control with 50.1%, Asterion will decrease to 41%, and Cdp Equity will officially enter the control room of Italy’s main airport hub.
CDP’S STRATEGY ON AIRPORTS
Behind what at first glance may seem like a minority stake lies a broader plan. The agreement actually paves the way for a progressive strengthening of Cdp in the sector and could even lead, in the coming years, to taking control of 2i Aeroporti. Not by chance, the term sheet (non-binding preliminary agreement) signed by the parties explicitly mentions the intention to “jointly pursue new investment opportunities in Italy and Europe, including participation in privatization processes.”
THE AIRPORTS RISIKO AND THE CATANIA DEAL
The first major issue on the table is the Catania airport. The privatization of the Sicilian airport is indeed the hottest dossier. The procedure will start on June 3 with the prequalification phase of interested operators, i.e., the preliminary selection of candidates admitted to the tender, while the actual tender will likely intensify after the summer.
The operation is considered very significant for the national airport system. The majority of Sac is at stake, the company managing the airports of Catania and Comiso through a concession valid until 2049. The privatization process, initiated after the green light from the Ministry of Infrastructure and Transport, concerns the shares held by public shareholders led by the South East Sicily Chamber of Commerce, which controls 60.64% of the capital. Mediobanca has been appointed as financial advisor to manage the opening to private investors.
The economic ambitions are high. Shareholders aim for an overall valuation around 500 million euros, supported also by an investment plan of about 1.3 billion. However, the dossier does not convince all private operators, especially due to the combination of relatively modest profitability and very high investment needs.
In 2023, Sac recorded revenues of 99.8 million euros, an EBITDA of 11.4 million, and net liquidity of 20.1 million. These figures highlight profitability lower than other major Italian airports.
But the tender will still attract many contenders. Besides 2i Aeroporti, possible interested parties include the French Vinci Airports, the Argentine Corporacion America, the Spanish Aena, the German Fraport, the Dutch Royal Schiphol Group, and also Mundys, which continues to monitor the international airport sector.
WHO IS 2I AEROPORTI
What explains Cdp’s interest is especially the profile of 2i Aeroporti and the airports it controls. The holding was born during the first F2i era of Vito Gamberale and, over the years, has transformed into Italy’s main airport aggregator.
Today it directly or indirectly controls some of the country’s most important airports: Milan Linate, Milan Malpensa, Naples Capodichino, Salerno, Turin, and Trieste. The flagship remains the 45% stake held in Sea, the company managing Milan’s Linate and Malpensa airports, which also controls a stake in Orio al Serio airport.
In 2025, the network handled about 68 million passengers, equal to about 30% of national traffic, and nearly 777,000 tons of cargo, about 60% of the entire Italian airport cargo. These numbers clearly explain why Cdp considers the sector strategic.
Moreover, F2i holds stakes in the airports of Olbia and Alghero, further strengthening its presence in the sector.
The current shareholding structure derives from the 2024 reshuffle, when Asterion Industrial Partners replaced the Ardian fund by acquiring 49% of 2i Aeroporti. According to some estimates, that operation valued the company at over 800 million euros of equity value.
And it is precisely that 800 million threshold that today represents one of the benchmarks for the new operation with Cdp Equity. According to Sole 24 Ore, the valuation would even be higher than the last reshuffle.
THE AIRPORT BUSINESS IN CDP’S SIGHTS
It is no surprise that Cdp has been watching the airport sector with interest. Already in October 2025, MF had anticipated that the Treasury-controlled holding was studying an entry into the Italian airport risiko precisely through 2i Aeroporti. The operation fits into Cdp Equity’s project, which in recent years has strengthened its presence in sectors considered strategic, participating in restructuring operations such as those involving Open Fiber and Ansaldo Energia and other industrial and growth initiatives related to the Saipem-Subsea 7 and Fincantieri dossiers.
After all, the airport business is today one of the most profitable infrastructure sectors in Italy. The main airport management companies report gross operating margins close to 40% and net profits near 20% of revenues. Aeroporti di Roma surpassed 1.3 billion in turnover in 2024, while Sea recorded revenues over 823 million. The sector has benefited from the strong post-pandemic traffic recovery and continues to attract infrastructure funds and major international investors also thanks to opportunities linked to still open privatizations.
F2I, ASTERION AND THE NEW STRUCTURE
For F2i, the arrival of Cdp Equity also represents a way to strengthen the institutional profile of the Italian airport project. The infrastructure fund led by Renato Ravanelli will continue to hold the absolute majority of 2i Aeroporti with 50.1%, preserving industrial control of the platform.
Asterion, for its part, is cashing in a small part of the investment made two years ago but remains strongly present with 41%. The Spanish fund, specialized in European infrastructure, joined the holding in 2024, replacing Ardian.
FROM DUE DILIGENCE TO NEXT STEPS
For now, the agreement remains preliminary. The term sheet signed by the parties opens the due diligence phase, which will be conducted by Cdp Equity in the coming months.
Only in case of a positive outcome will binding agreements be signed and the entry into 2i Aeroporti’s capital be finalized. But the direction now appears set.
