Fourteen companies that are potentially consolidating into just two large groups: this could be the outcome of the ongoing race for control of Italian airport operators, with the autumn of 2026 promising to be a period of great dynamism. In fact, numerous changes are rapidly altering the corporate structures of the concessionaires that manage Italian airports.
It all started with the approval of the new National Airport Plan; the guidelines issued by the Ministry of Infrastructure and Transport encourage "mergers and synergies between nearby airports to optimize the network and intermodality". Added to this is the national privatization plan, which has been progressively reducing public participation in airport operators.
Growing profits:
Considering that this sector is becoming increasingly attractive from an economic point of view — with an expanding passenger base and profits (among the 14 main Italian airport operators) of more than 678 million euros — it is clear why there is growing interest from large groups.
Two giants are leading these negotiations: Mundys (an Italian holding company operating in the transport and mobility sectors) and the F2i SGR fund (an independent infrastructure fund manager). The process is already underway, starting with the announced exchange of shareholdings between SEA — operator of Linate and Malpensa airports — and SAGAT, which manages Turin-Caselle airport.
F2i's movements:
The latter is fully controlled by 2i Aeroporti — a company belonging to the F2i fund — which also holds a stake of approximately a third in SEA. In addition, according to Corriere della Sera, 2i Aeroporti (which also has a majority stake in GESAC, operator of Capodichino and Salerno airports) will be considering a merger between the airport operations of Naples and Milan. The same company also controls Alghero and Olbia airports and plans to complete the creation of a unified airport hub in Sardinia by 2027, incorporating SOGAER, from Cagliari. If this scenario materializes – covering Milan, Turin, Naples and Sardinia – the F2i fund would manage more than a third of Italian air traffic by the end of the decade.
Mundys' role:
Then Mundys, which already controls Fiumicino and Ciampino airports – Italy's largest aviation hub – as well as Nice Airport, through its subsidiary ADR. Mundys also seems to be the favorite in the dispute for the privatization of SAC, the company that manages the airports of Catania and Comiso. If this happens, the company may consider the proposal of a unified hub in Sicily, also trying to acquire Falcone-Borsellino airport, in Palermo, where the privatization process of GESAP is underway. Additionally, sources from the same Corriere della Sera mention a possible convergence between ADR and Aeroporti di Puglia (which would encompass Bari, Brindisi and Foggia). In short, the only player that would be left out of this strategic reconfiguration would be SAVE, based in Venice — simply because France's ARDIAN and FININT had already entered the business previously.
