The sale of state-owned Spanish airport authority Aena – which is the landlord at almost all of Spain’s airports – has begun with a search for a “stable core of shareholders”, thought to be no more than four companies.

 

According to the public company Enaire – which owns Aena’s stock – it is looking to sell up to 21% of the share capital of the airport operator through a two-stage tender competition described as “a restricted procedure”.

 

Chosen candidates will be invited to submit offers followed by a selection process to produce a shortlist.

 

This tender is part of a process to place up to 49% of Aena with private capital. Depending on demand from this tender the remaining shares [supposedly 28%] will be placed on the stock exchange through an initial public offering (IPO) accessible to anyone.

 

Last month, Enaire chose BBVA, Santander, Morgan Stanley, Bank of America and Goldman Sachs to be the underwriters of the Aena IPO.