Agcm gives the green light to the sale of Geasar to the F2i fund
For the authority there are no anti-competitive elements.
The Olbia and Alghero airports will have a single guide
The Antitrust Authority has decided not to launch any inquiry into the purchase of Geasar spa, the company that manages the Olbia airport, by the investment fund F2i. With the measure published today, Agcom has thus given the final go-ahead to the operation that will see Olbia and Alghero airports having the same majority shareholder.
Almost 80% of Geasar spa, currently owned by Prince Karim Aga Khan's company Alisarda, will pass under the control of F2 Aeroporti 2 srl, the holding company of F2i's Third Fund. The rest of Geasar's shareholders will remain unchanged: the Sassari Chamber of Commerce will retain 10%, the Nuoro Chamber of Commerce 8%, the Sardinian Regional Government 2% and the Costa Smeralda Consortium 0.2%. The share capital of F2i Airports 2 srl, following a capital increase connected with the Olbia transaction, will instead be held by a consortium comprising the ANIA Fund, with an absolute or relative controlling share; the Third Fund, with a qualified minority share; the Sardinia Foundation and any other co-investors with minority shares.
The operation, which will lead to a single management of the airports in northern Sardinia, does not therefore produce "anti-competitive effects in the markets". "Regarding the type of passengers - it is written in the measure of Agcm - note that, despite the tourist vocation of both airports of Olbia and Alghero, that of Olbia is also characterized by a strong development of private aviation (General Aviation), almost entirely absent in the airport of Alghero. Moreover, differences emerge between the two airports also considering the type of carriers, as Alghero airport is characterized by a more intense presence of low cost companies, interested in the overall offer of airport services and any advantageous conditions related to their use".
Regarding the geographical dimension, "by virtue of the distinction between the catchment areas of Alghero and Olbia airports, the transaction is not likely to generate horizontal overlapping effects in the market for services relating to centralized infrastructures", as the distance between the two airports is greater than 100 kilometers. "The same is true for the market of ground assistance services (handling) and that of commercial services, characterized by a geographical dimension coinciding with the single airport" concludes the Agcm.