CDP Equity eyes 8.9% stake in Italy's largest airport network
What's the deal? F2i, Italy's top infrastructure fund, and Spain's Asterion Industrial Partners have signed a term sheet with CDP Equity — the investment arm of Italy's state-backed Cassa Depositi e Prestiti — to bring CDPE into the ownership of 2i Aeroporti S.p.A., the country's largest airport operator.
Under the deal, CDPE would acquire an 8.9% stake in 2i Aeroporti. Asterion would divest 8% and F2i's Third Fund would sell 0.9%. Post-transaction, F2i would retain a controlling 50.1% share, Asterion would hold 41%, and CDPE 8.9%.
2i Aeroporti runs six Italian airports: Milan Linate, Milan Malpensa, Naples, Turin, Trieste, and Salerno. In 2025, these airports handled 68 million passengers — roughly 30% of Italy's total air traffic — and 777,000 tonnes of cargo, about 60% of the country's air freight.
Why now? The partnership is designed to jointly pursue new airport investment opportunities in Italy and across Europe, including participation in privatisation processes. The deal signals a strategic bet on airport infrastructure at a time when European air traffic continues to recover and grow past pre-pandemic levels.
CDP Equity's entry brings state-aligned capital into the mix, potentially strengthening 2i Aeroporti's hand in bidding for government-led privatisations.
What could go wrong? The transaction still requires CDP Equity to complete due diligence, with closing expected within the coming months. Any regulatory hurdles or disagreements during that process could delay or derail the deal.
Adding a third shareholder — especially one linked to the Italian state — could also complicate governance and decision-making if strategic priorities diverge.
The signal: European airport infrastructure is drawing serious institutional capital. This deal reflects a broader trend of sovereign and quasi-sovereign investors partnering with private infrastructure funds to consolidate airport networks and position for privatisation waves across the continent.
With nearly a third of Italy's passenger traffic and over half its air cargo flowing through its airports, 2i Aeroporti is a dominant platform — and now it has state-backed firepower to expand further.
Read more: f2isgr.it
