Enav privatization on the launch pad. While the Poste Spa operation is at an advanced stage, for which the countdown has begun on the green light for the prospectus that Consob will give by 10 October, the Ministry of the Economy has defined the structure of the guarantee and placement consortium for the opening operation to the capital market of Enav SpA This is the company, 100% controlled by the Treasury, which controls air traffic (control towers and services) and oversees 1,5 million flights a year that pass through our sky and pass through 41 airports in our area. The MEF has appointed Barclays Capital, Credit Suisse and Mediobanca as global coordinators and JP Morgan and Unicredit as joint bookrunners.
"In accordance with the provisions of the Prime Ministerial Decree of 16 May 2014, the Ministry of Economy and Finance, as the full shareholder of Enav, will proceed with the partial sale of the company - specifies the MEF statement - up to a maximum of 49% of the capital, through the use of a public sale offer aimed at savers in Italy, including employees of Enav and its subsidiaries, and/or at Italian and international institutional investors. The activity plan provides that the operation can be carried out in the first half of 2016, compatibly with market conditions”.
ENAV SpA does not only operate in Italy but is also present on international markets, particularly in South-East Asia with its subsidiary Enav Asia Pacific. The company's administrative body was renewed last June. The president is Ferdinando Franco Falco Beccalli, the managing director is Roberta Neri.
So far the press release from the MEF which has included it with Poste, whose IPO is scheduled for October 12, and Railways in the privatization package on which the Renzi government is aiming. For Enav, the goal is to open the capital to private individuals – it will be the first case of this type in Europe – in the first half of 2016. Railways should follow. The air traffic control company has also been studied by the Letta government and there is talk of a valuation between 1,8 and 2 billion, including 150-200 million in debt estimated at the end of the year. In other words, the collection could be between 700 and 800 million depending on the share put up for sale. Enav has already yielded 250 million to the State in dividends and capital reductions in the last two years.
