ICD sells back 25% stake in CAI for CAAP shares

ICD offloads its stake in Corporación América Italia: Dubai’s investment arm — the Investment Corporationof Dubai (ICD) — sold its 25% stake in airport operator Corporación América Italia (CAI) to the Corporación América Airports (CAAP), according to a pressrelease published on Thursday. CAAP now fully owns CAI following this transaction.

The details: The transaction took place through a share swap agreement, with CAAP providing over 1.9 mn newly issued shares to ICD as consideration for the 25% interest in CAI.

Uno reverse: CAAP and ICD inked a share purchase agreement back in 2018 that saw CAAP selling 25% of what was then its wholly-owned subsidiary CAI to ICD, according to a separate statement. The pair had also inked an MoU back in 2018 to collaborate on new ventures in the aviation sector in Italy, Eastern Europe, and the Middle East.

About the companies: CAAP is a private airport operator with a presence in 52 airports across six countries in Latin America and Europe, according to the firm’s website. The NYSE-listed firm recorded 81.1 mn passengers, handled 370k tons of cargo volume, and registered 849.4k aircraft movements in FY 2023. Meanwhile, CAI holds a majority stake in Toscana Aeroporti which operates the Pisa and Florence airports in Italy.