Nice airport sells to Italian group

Nice Cote d'Azur airport Photo: Lafrance
Nice Cote d’Azur airport Photo: Lafrance

An Italian-led consortium has been declared the successful candidate to buy a 60-percent stake in Nice-Côte d’Azur Airport, a share currently held by the French state.

Azzura will pay €1.222 billion after local authorities, which have a minority holding, signalled their preferences for the consortium over a competing bid from a grouping led by Vinci, according to Emmanuel Macron, France’s Minister of Economy.

Azzura have pledged to invest over and above the amount required in the bid specifications, Mr Macron said on Thursday. Azzura is an active investor in the main airport of Rome, in EDF and other infrastructure projects.

Nice Airport is the third busiest in France in terms of passenger numbers, but lags far behind Charles de Gaulle and Orly in Paris as the French aviation authorities actively prefer international routes to fly to and from the capital.