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The share capital of SEA SpA amounts to Euro 27,500,000, comprising 250 million shares of a par value of Euro 0.11, of which 137,023,805 Class A shares, 74,375,102 Class B shares and 38,601,093 other shares. The Class A shareholders upon majority divestment must guarantee Class B shareholders a right to co-sale. Class A shareholders have a pre-emption right on the sale of Class B shares.

Share Capital Structure

On February 15, 2018, the shares held by the Province of Varese were purchased by 2i Aeroporti Spa. Accordingly, as at the date of approval of this report, public shareholders held a 54.9% interest and private shareholders a 45.1% interest.


SEA, following the issuance of the bond designated “SEA 3 1/8 2014-2021” on April 17, 2014 and the admission to listing of the notes on the regulated market organized and managed by the Irish Stock Exchange, qualified as a Public Interest Entity (PIE) as defined in Article 16, paragraph 1, letter a) of Legislative Decree No. 39/2010.

Public Shareholders

9 entities/companies 

Municipality of Milan (*) 54.81%
Province of Varese 0.64%
Municipality of Busto Arsizio 0.06%
Other public shareholders 0.08%
Total 55.59%

Private shareholders

2i Aeroporti SpA 35.75%
F2i Sgr SpA (**) 8.62%
Other private shareholders 0.04%
Total 44.41%

(*) Holder of Class A shares
(**) On behalf of F2i – second Italian Fund for infrastructure


SEA Group structure and investments in other companies

Direct and indirect investments of SEA SpA at December 31, 2017


(*) The investment of SEA in the share capital of Aeropuertos Argentina 2000 (hereafter AA2000) amounted to 8.5% following the conversion, by the Argentinian government, of the bonds issued in 2008 by AA2000 into shares. The transfer of the shares will only be completed with authorization by the ORSNA regulator (Organismo Regulador del Sistema Nacional de Aeropuertos).
At the date of the present document, ORSNA had not yet formalized the authorization of the sale of the investment in favor of Cedicor and, therefore, still holds 8.5% of the share capital of AA2000; therefore, the investment of 1 Euro was maintained in the 2017 financial statements.
(**) In February 2018, SEA SpA submitted a request for withdrawal from SITA SC.

The SEA Group included the following companies in liquidation at December 31, 2017:

  • Consorzio Milano Sistema in liquidation (10% SEA SpA).

It should be noted that:

  • on July 10, 2017, the Shareholders' Meeting approved the final liquidation financial statements and the SEA Handling’s relative distribution plan, whose total shares were held by SEA SpA;
  • the liquidation of Consorzio Malpensa Construction was concluded on October 31, 2017 with the presentation and approval of the liquidator's final statement of accounts and shareholders’ distribution plan.