Società Aeroporto Catania (SAC S.p.A.), the operator of Catania–Fontanarossa (CTA) and Comiso (CIY) airports in Sicily, is ready to be privatized after receiving government approval in mid-March, via the Ministry of Infrastructure and Transport.

According to the newspaper Il Sole 24 Ore, the ministry issued what it called a “favorable opinion” on the SAC privatization with one condition: the final green light would depend on potential views from the Ministry of Economy and Finance (MEF) within 30 days. If MEF does not comment, the approval would be automatic under Italy’s silenzio assenso (silence means consent) rule.

Though not finalized, a majority stake will be up for grabs, said to be anything from 51–66% valued at up to EUR500 million (USD577 million). This will give SAC the necessary financial capacity to upgrade infrastructure and services to support the growth of its two island airports.

This is a rare privatization in the Italian airport market, the first major deal in seven years, according to Ion Analytics, which has cited potential bidders including 2i Aeroporti, SAVE, Spain’s Aena, France’s Vinci Airports, and even Argentina’s Corporación América Airports.

It is sure to be a privatization that will be tightly contested, given that CTA is Italy’s fifth busiest airport despite its infrastructure constraints. At the same time, CIY has the potential to build traffic to the underserved southeast of Sicily.

At the end of March, a meeting of local SAC shareholders (essentially city councils) approved the privatization, including a business plan for the two airports, and tender documentation. With government authorizations almost complete, the sale details ready, and major global operators preparing bids, the expression of interest (EOI) is expected shortly, perhaps as soon as mid-April.

Below, airportIR assesses the merits of CTA and CIY—airports that are very different—and what the benefits might be to the private buyers lining up for a stake in their owner.

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