France to Sell 60% Stake in Nice Airport to Atlantia-Led Group

  • Sale of Nice stake will fetch EU1.22 billion for government
  • France to sell stake in Lyon airport to Vinci-led consortium

The French government agreed to sell controlling stakes in the Nice and Lyon regional airports to groups led by Italy’s Atlantia SpA and French construction company Vinci SA to raise funds for struggling, state-controlled energy companies.

Atlantia, Aeroporti di Roma and EDF Invest will buy 60 percent of France’s third-biggest airport, Nice-Cote d’Azur, for 1.2 billion euros ($1.3 billion), while a Vinci-led consortium will acquire a 60 percent stake in Lyon airport, the country’s fourth largest, for 535 million euros, a spokeswoman for the French economy ministry said Thursday.

Proceeds of the airport sales will help fund part of the planned capital increase of state-controlled energy companies Electricite de France SA and Areva SA. The government has said it will inject about 3 billion euros in EDF as part of a 4 billion-euro share sale due by early next year, and take part in Areva’s 5 billion-euro capital increase, also planned at the beginning of 2017.

Mediobanca and Royal Bank of Canada acted as financial advisers to the French
government on Nice, while HSBC advised it on Lyon.

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