Ardian and Finint Infrastrutture have completed the joint acquisition of approximately 100% of Milione S.p.A., the holding company that controls Save S.p.A., operator of several strategically important airports in Italy’s Veneto region. Sviluppo 87 also participated in the consortium. Terms were not disclosed by the parties, though Italian press has reported a deal value of around EUR 1.2 billion.
Why this deal matters
The acquisition is a clear continuation of a broader European infrastructure trend: long-duration private capital leaning into regulated or quasi-regulated transport assets where traffic recovery and pricing frameworks can support predictable cash generation. In this case, the buyers are also positioning the platform for external growth, explicitly framing the transaction as the start of a strategic partnership to support the “North-East Airport System” and pursue new acquisitions.
Asset perimeter: a regional airport system with cross-border exposure
Milione, through Save, operates and manages a portfolio that includes key Veneto airports, notably Venice Marco Polo, and also covers Verona, Treviso and Brescia. The portfolio structure matters because it tilts the investment case away from a single-asset exposure and towards a regional network logic that can centralise capex planning, commercial strategy and route development.
The group also holds a stake in Charleroi Airport in Belgium, adding a cross-border element to governance and regulatory oversight. While sources do not provide updated passenger growth figures for 2024, the strategic framing from the consortium points to post-pandemic demand normalisation as a key backdrop for the next phase of industrial strengthening.
Consolidation signal: private control and a platform for bolt-ons
Reportedly, the transaction consolidates private control over the Veneto airport system and strengthens the region’s position as an airport hub. For Ardian and Finint, the more important signal is platform optionality.
Airport assets in Europe are increasingly underwritten as consolidators, not just operators. That requires a governance structure that can execute acquisitions, integrate operating models and coordinate stakeholders. The consortium has described an external growth strategy, suggesting that future deals could be pursued either within Italy or across borders, subject to the regulatory constraints that typically apply to strategic infrastructure.
Regulation and approvals: complexity is part of the underwriting
The closing process underscores how regulatory friction is now a base case, not a tail risk, for strategic infrastructure deals.
According to available reporting, the transaction required a multi-layered review process, including antitrust filings and Italy’s Golden Power analysis. Regulatory reviews were also required in Belgium, reflecting the sensitivity of airport assets and the cross-border dimension introduced by the Charleroi stake.
For investors, this matters for two reasons:
- Timelines and certainty: approvals can extend deal cycles and raise execution risk.
- Future M&A capacity: any buy-and-build strategy will likely face repeat scrutiny, particularly if additional strategic assets or foreign ownership questions arise.
Integration questions: operating system, capex discipline, and stakeholder alignment
While the consortium has positioned the deal as a growth partnership, the value creation path will depend on execution across a few practical fronts.
Key questions include:
- Operating model alignment: how Save’s management systems and reporting cadence evolve under new ownership, and whether the platform is set up to absorb acquisitions.
- Commercial strategy across airports: the extent to which the regional network can drive airline negotiations, route development and non-aeronautical revenues in a coordinated way.
- Capex prioritisation: airports are capex-intensive; portfolio-wide allocation discipline will be central, especially if the buyers pursue expansion.
- Stakeholder management: strategic infrastructure typically involves close coordination with public authorities and regulators, which can constrain flexibility but also stabilise long-term planning.
What to watch next
- Any disclosed governance details between Ardian, Finint Infrastrutture and Sviluppo 87, including board composition and decision rights
- The consortium’s first moves on external growth: target geographies, asset types and pace of acquisitions
- Updates on capex plans and capacity development across Venice, Verona, Treviso and Brescia
- How the Charleroi Airport stake shapes cross-border oversight and future strategic options
- Further regulatory developments, particularly if additional acquisitions trigger new antitrust or Golden Power reviews