Details on the agreement between Corporación América and the sovereign wealth fund of Dubai

Fresh from selling a 25 percent stake in its Italian operations, Corporacion America Airports SA said it may bid on new airport projects in Brazil and plans to start construction on a new runway in Florence and the construction of an extension to the terminal at Pisa airport will begin, doubling the current surface area. The financing of the works at the Florence and Pisa airports was already closed before the agreement was concluded

Buenos Aires-based Corp. America sold a quarter of its stake in its Italian company to Investment Corp. of Dubai and formed an alliance to explore additional opportunities with the sovereign wealth fund on Wednesday. ICD paid EUR48.9 million ($56.9) for its stake.

The search for new airport investments will be focused on Italy, the Middle East and Eastern Europe, the companies said in a statement. There are no plans for ICD to participate in Latin America for now.

Source: Bloomberg