Ares Management and Ardian are backing the €1.2bn acquisition of Venice Marco Polo Airport through a combination of primary equity and secondaries capital, highlighting evolving financing trends in European infrastructure.
Ares Management is anchoring a more than €100m secondaries commitment to back Finint Infrastrutture’s stake in a planned €1.2bn purchase of Milione S.p.A., the holding company that controls SAVE S.p.A., operator of Venice Marco Polo Airport, Bloomberg reported. The syndication will provide capital to a Finint-led vehicle alongside Ardian’s larger equity commitment, industry sources show.
Ardian’s infrastructure platform is set to contribute about €600m of equity for its portion of the acquisition, with the remaining equity supplied through the Finint vehicle supported by Ares’ secondaries business. According to the lead report, the transaction has already cleared regulatory review and is expected to reach completion in the coming months; related statements from Ardian and Finint indicate the deal is targeted to close between late 2025 and early 2026.
Milione’s assets include Venice Marco Polo, the principal international gateway for north-eastern Italy, and Treviso Antonio Canova Airport. Market commentary notes the strategic importance of Venice Marco Polo for passenger flows linked to the Milano–Cortina Winter Olympics and for broader regional connectivity. The consortium has signalled an intention to support both SAVE and the North-East Airport System while creating a platform able to pursue further acquisitions as part of an external growth strategy, according to an Ardian and Finint press release.
Legal advisers on the transaction included Clifford Chance, which advised the Ardian–Finint consortium on acquisition and financing arrangements. Press coverage and firm statements put the equity value at roughly €1.2bn, with some sources estimating an enterprise value including debt nearer to €2.1bn.
Ares describes its secondaries platform as managing $38.4bn across private equity, private credit, real estate and infrastructure. The placement underscores a broader market trend in which secondary-market capital is increasingly being deployed into core infrastructure assets, supplementing traditional buyout and infrastructure fund commitments.
The deal follows the planned exit of current shareholders including funds managed by DWS Infrastrutture and InfraVia Capital Partners, while Sviluppo 87, linked to Finanziaria Internazionale Holding, remains part of the ownership structure. Parties involved have confirmed continuity of current management at Milione as part of the transaction terms.
Industry observers say the combination of large anchor equity from an established infrastructure investor and secondaries-backed co-investment reflects evolving financing approaches to strategic transport assets in Europe.
- https://pe-insights.com/ares-leads-e100m-secondaries-investment-in-venice-airport-buyout/ – Please view link – unable to able to access data
- https://www.ardian.com/news-insights/press-releases/ardian-and-finint-infrastrutture-together-sviluppo-87-have-signed – Ardian, a world-leading private investment firm, and Finint Infrastrutture, leveraging Finanziaria Internazionale Holding’s experience in asset management, have signed an agreement for the joint acquisition of Milione S.p.A., the parent company of Save S.p.A., which operates Venice Marco Polo Airport. The transaction, expected to close by the end of 2025 or early 2026, marks the beginning of a strategic partnership aimed at supporting the growth of both Save and the North-East Airport System, as well as establishing a strategic operator to pursue new acquisitions as part of an external growth strategy.
- https://www.cliffordchance.com/news/news/2025/10/clifford-chance-advised-the-consortium-made-up-of-ardian-and-finint-infrastrutture-in-the-agreement-for-the-acquisition-of-milione-parent-company-of-save-s-p-a.html – Global law firm Clifford Chance advised the consortium comprising Ardian and Finint Infrastrutture on the acquisition and financing of Venice Airport and other airports within the SAVE Group. The transaction, expected to close by the end of 2025 or early 2026, involves the joint acquisition of Milione S.p.A., the parent company of Save S.p.A., which operates Venice Marco Polo Airport, one of Italy’s three intercontinental airports and a strategic gateway at both national and international levels.
- https://www.avionews.it/item/1266220-agreement-for-the-joint-acquisition-of-milione-save-company-venice-airport-in-italy-signed.html – Ardian and Finint Infrastrutture, together with Sviluppo 87, have signed an agreement for the joint acquisition of Milione S.p.A., parent company of Save S.p.A., which primarily operates in the airport sector, including Venice Marco Polo Airport. The transaction, expected to close by the end of 2025 or early 2026, marks the beginning of a strategic partnership aimed at supporting the growth of both Save and the North-East Airport System, as well as establishing a strategic operator to pursue new acquisitions as part of an external growth strategy.
- https://www.firstonline.info/en/Ardian-and-Finint-Infrastructures-announce-the-acquisition-of-the-Venice-Airport-holding-company-for-a-million-euros./ – Finint Infrastrutture, together with Sviluppo 87 and Ardian, have reached an agreement for the equal acquisition of approximately 100% of the capital of Milione S.p.A., simultaneously confirming the current management at the helm of the company. The closing of the operation is expected between late 2025 and early 2026. The transaction involves the exit of the current shareholders, the funds managed by DWS Infrastrutture and InfraVia Capital Partners, while the shareholder Sviluppo 87, controlled by Finanziaria Internazionale Holding, remains a shareholder of Milione S.p.A.
- https://www.sahmcapital.com/news/content/ardian-and-finint-infrastrutture-jointly-agree-to-buy-venices-airport-operator-2025-10-15 – Investment firm Ardian and Italian asset management company Finint Infrastrutture have signed an agreement to jointly acquire Milione S.p.A., the holding company that controls Save, operator of several airports including Venice’s Marco Polo. The transaction, expected to close between late 2025 and early 2026, gives the company an equity value of roughly 1.2 billion euros ($1.4 billion), according to a source close to the matter. Including debt, the value rises to 2.1 billion euros.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on a recent €100m secondaries investment by Ares Management in the acquisition of Milione S.p.A., the holding company of Venice Marco Polo Airport. The earliest known publication date of similar content is 15 October 2025, when Ardian and Finint Infrastrutture announced their agreement to acquire Milione S.p.A. ([ardian.com](https://www.ardian.com/news-insights/press-releases/ardian-and-finint-infrastrutture-together-sviluppo-87-have-signed?utm_source=openai)) The Ares-led investment was reported by Private Equity Insights on 2 February 2026, indicating timely reporting. ([pe-insights.com](https://pe-insights.com/ares-leads-e100m-secondaries-investment-in-venice-airport-buyout/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to industry sources and Ares Management. However, these quotes cannot be independently verified through the provided sources. The absence of verifiable quotes raises concerns about the authenticity of the statements. Without access to the original sources or direct confirmation, the reliability of these quotes is uncertain.
Source reliability
Score:
6
Notes:
The article originates from Private Equity Insights, a niche publication focusing on private equity news. While it provides detailed information, the lack of broader coverage from major news organisations raises questions about the independence and reliability of the source. The absence of corroboration from more widely recognised outlets suggests a need for cautious interpretation.
Plausibility check
Score:
7
Notes:
The reported €100m secondaries investment by Ares Management in the acquisition of Milione S.p.A. aligns with known industry trends of deploying secondaries capital into core infrastructure assets. However, the lack of corroboration from multiple reputable sources and the absence of verifiable quotes diminish the overall credibility of the claims. The absence of supporting details from other reputable outlets further raises concerns about the plausibility of the narrative.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on a €100m secondaries investment by Ares Management in the acquisition of Milione S.p.A., the holding company of Venice Marco Polo Airport. While the content is timely and accessible, the lack of independently verifiable quotes, reliance on a niche publication, and absence of corroboration from major news organisations raise significant concerns about the reliability and credibility of the information presented. Given these issues, the content does not meet the necessary standards for publication under our editorial indemnity.