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June 20, 2014

Spain will privatize 49% of its network of airports

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Spain will privatize 49% of its network of airports

The Spanish Government has launched a project of the largest privatization in the last 16 years, which is to sell to private hands of the Association of National Airport Spain (AENA). Partial privatization of AENA will start after four years, during which time the economic crisis, political uncertainty and the specific circumstances of the subject of privatization, to suspend operations.

The main reason that led the Spanish government to make this decision to part with half of the state, according to the Minister of Development, Ana Pastor, is preparing itself AENA to compete in foreign markets. Of course, the privatization is supposed to be without the risk of losing control and guarantee the continuation of management of the entire network of national airports by the government. Nevertheless, both the opposition and trade unions rejected this argument and claim that the real reason for “separation of AENA” is the possibility of obtaining the profits by government arrived.

The state organization AENA, however, has undergone profound changes in recent years, especially in 2010 when the government headed by Jose Luis Rodriguez Zapatero, has presented a new project and a year later was founded the company “AENA Airports” (AENA Aeropuertos), responsible for 46 national airports and two heliports. This company received a profit of 597 million in 2013 after a tough adjustment process. Nevertheless, in accordance with the policy of the present executive, AENA needs the private partners to reach the international level, because the company has already proved that it is the international reference.

The privatization process will consist of two stages. The first group of investors allegedly will buy 21% of capital, which will be a stable kernel, intended to remain in continuous possession of the shareholders. On the other hand, the remaining 28% of shares will be available for sale on the stock exchange.

Privatization of AENA will suppose for state the income of 2.450 million euros. The estimated cost of the project amounts to 16.000 million euros. If from this amount is subtracted 11.000 million of debt, the remains of 5,000 million euros, 49% of which the government plans to privatize for the amount of 2,450 million euros.


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