Áreas prepares for sale following record financial results

French private equity firm PAI Partners and the management team of the Spanish travel retail giant Áreas are preparing for a potential sale of the company following record financial results for the 2025/2026 fiscal year.

Representatives from the French fund and Áreas leadership, headed by Óscar Vela, are reportedly meeting with major investment banks in Spain to select a financial advisor. A decision to activate the sale process is expected in January, with the transaction potentially launching in the market early next year, depending on economic conditions.

While PAI Partners could potentially extend its investment through a hypothetical continuation fund, sources suggest a competitive process is likely due to interest from infrastructure funds. Although Áreas does not own the airports, highways, or service stations where it operates, its concession-based model may lead investors to categorize it as an infra-like asset.