CAAP secures full control of Italian airport operator

LUXEMBOURG - Corporación América Airports S.A. (NYSE: CAAP), a prominent global airport operator with a market capitalization of $3.38 billion and a "GREAT" financial health rating according to InvestingPro, has announced the acquisition of the remaining 25% stake in Corporación América Italia S.p.A. (CAI) from the Investment Corporation of Dubai (ICD). The deal, which involved a share swap, now gives CAAP complete ownership of CAI, which holds a 62.28% interest in Toscana Aeroporti S.p.A., the entity managing the Pisa and Florence airports.

The transaction was structured as a share swap agreement, where CAAP issued 1,996,439 new shares to ICD in exchange for their 25% share in CAI. An independent international firm provided a fairness opinion to ensure an equitable valuation in the deal. InvestingPro analysis suggests the company is currently trading slightly below its Fair Value, with analysts maintaining a strong buy consensus.

This strategic move increases CAAP’s indirect economic interest in Toscana Aeroporti S.p.A. by 15.6%, reinforcing its position in the Italian airport sector. The company’s operations span 52 airports in 6 countries across Latin America and Europe, including Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy. The company has demonstrated strong financial performance, with a 28.46% revenue growth in the last twelve months and an impressive EBITDA of $624 million.

In 2024, Corporación América Airports served 79.0 million passengers, which marked a slight decrease from the 81.1 million passengers in 2023, and 6.2% lower than the 84.2 million passengers in 2019. The company, listed on the New York Stock Exchange under the ticker CAAP, continues to develop and operate airport concessions as part of its business model. According to InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ stocks, CAAP operates with moderate debt levels and is expected to remain profitable this year.

The acquisition is based on a press release statement and represents a consolidation of CAAP’s assets, potentially positioning the company for further growth in the European market.

In other recent news, Corporación América Airports reported first-quarter earnings that did not meet analyst expectations. The company posted adjusted earnings per share of $0.25, falling short of the consensus estimate of $0.48. Revenue also missed projections, coming in at $447.8 million compared to the anticipated $505.81 million. Despite these misses, the company experienced a 7.3% year-over-year increase in passenger traffic, reaching 20.4 million, or a 9.4% increase when excluding the discontinued Natal concession in Brazil. Cargo volume also rose by 9.1%, totaling 95,900 tons. CEO Martín Eurnekian highlighted a strong recovery in Argentina, with double-digit growth and record-high volumes in January contributing to the solid start of 2025. Revenue excluding construction services grew by 6.4% year-over-year to $416.9 million, and adjusted EBITDA excluding IAS 29 accounting increased by 4% to $157.9 million. The company maintained a strong liquidity position, with cash and equivalents of $448.6 million as of March 31, and a stable net debt to LTM adjusted EBITDA ratio of 1.1x.

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