TBI strikes deal to sell Europe and US airport interests for €284 million
Source: ©The Moodie Report
By Dermot Davitt
The deal is worth €284 million to Abertis and Aena Internacional
TBI (90% owned by infrastructure group Abertis and 10% by Aena Internacional) has struck a deal with ADC & HAS Airports Worldwide for the sale of Belfast International and Stockholm Skavsta airports, as well as terminal concessions it manages at Orlando Sanford, plus TBI’s airport management business in the US.
The transaction amounts to €284 million in cash, of which Abertis will receive 90% according to its stake. These businesses’ expected contribution would have been €78 million in terms of revenues to Abertis’ consolidated accounts in 2013, the company said.
The transaction is pending approval by local authorities (who are minority shareholders) in the case of Belfast and Skavsta. In respect of the US-based assets, the sale is subject to authorisation by the anti-trust authorities and will proceed providing no opposition is raised by the Committee on Foreign Investment in the United States (CFIUS).
The airports sold to ADC & HAS Airports Worldwide have formed part of Abertis' portfolio since 2005, when the company and Aena Internacional purchased UK operator TBI. Last March, Abertis agreed to sell Cardiff Airport to the Government of Wales for €61 million.
ADC & HAS Airports Worldwide is an emerging player in the global airports industry. The company and its affiliates currently participate as an equity investor and operator in airports serving Quito, Ecuador and San José, Costa Rica, as well as the tourist destination of Liberia, Costa Rica.