They will lead the new North-East airport hub with ambitions of growth and acquisitions, after the exit of the Dws and Infravia funds

It was formalized yesterday evening, Wednesday 15 October 2025 (see AVIONEWS), one of the most significant financial operations reshaping the ownership of a key infrastructure for Italy’s North-East. Ardian, active globally in private markets investments, and Finint Infrastrutture Sgr, the asset management company of the Finanziaria Internazionale (Finint) Group specialized in infrastructure assets, have signed the agreement for the joint acquisition of control of Milione SpA, the holding company that owns the majority stake in the SAVE SpA Group, the operator of the airports of Venice ("Marco Polo"), Treviso, Verona and Brescia, and which also holds a minority stake in Charleroi airport in Belgium.

The financial transaction, which has an enterprise value of two billion euros (including debt) and an outlay of about 1.2 billion euros (see AVIONEWS) for the purchase of the controlling stake, marks the exit of the international investment funds Dws Infrastructure and Infravia Capital Partners, which had held 88% of the group’s capital since 2017.

Managerial continuity and territorial rootedness

A fixed point of the new arrangement is the guarantee of managerial continuity and the presence of the historic management. The agreement in fact confirms the chairman Enrico Marchi at the helm, whose company Sviluppo 87 Srl remains part of the shareholder base alongside Ardian and Finint Infrastrutture, and the CEO Monica Scarpa. This decision reflects the new shareholders’ intention to rely on the strategic vision and the proven experience of the management that has delivered solid results, such as the roughly 29 million passengers handled in 2024 across its network of airports, with Venice "Marco Polo" confirming its position as the country’s third intercontinental hub.

Background: the need to return to local control

The conclusion of yesterday’s agreement closes a financial cycle started in 2017 with the entry of the international funds. However, the intention to bring the control of the SAVE Group back to a perspective more tied to the territory and to a long-term industrial vision had already emerged some time ago. Finint Infrastrutture Sgr, already a 12% shareholder in Milione and part of the Venetian holding Finanziaria Internazionale of Marchi, played a crucial role, having forged a strategic partnership with Ardian months ago. Already in March 2025 an exclusivity agreement had been signed between the parties. Today's agreement formalizes this partnership, combining Marchi’s and Finint’s strong local anchoring and sector knowledge with Ardian’s global know‑how and financial resources.

Development prospects: new routes and acquisitions

As announced in the joint statement released yesterday evening, the primary objective of this partnership is the revitalization and consolidation of the North‑East airport hub, supporting SAVE’s growth also through the exploration of new acquisitions. The transaction is also framed within a strategy of targeted investments to modernize infrastructure, increase technological innovation and promote the transition to decarbonization and environmental sustainability.

The closing of the transaction, subject to the necessary approvals by the competent regulatory authorities, is scheduled between the end of 2025 and the beginning of 2026.