MILAN (Reuters) - Italy’s Atlantia will buy an additional 0.8 percent stake in Venice airport operator SAVE raising its overall holding to 22.1 percent, the infrastructure group said on Wednesday.
Atlantia said in a statement it would purchase the further stake from SAVE shareholder Fondazione di Venezia at a price of 15.25 euros per share.
Under an earn-out clause, Atlantia will increase the price paid of a public tender or exchange offer on SAVE shares is launched at a higher price within the next three years.
Earlier this year, Atlantia bought a 21.3 percent stake in SAVE from San Lazzaro Investment Spain, one of the investment vehicles of Amber Capital.
Reporting by Francesca Landini, editing by Valentina Za