Spain’s Abertis said in a press release today that TBI (90% owned by Abertis and 10% by Aena Internacional) signed an agreement with ADC & HAS Airports Worldwide for the sale of Belfast International and Stockholm Skavsta airports. The deal includes the Orlando Sanford (Florida) airport terminal concessions and TBI’s airport management business in the US.
This transaction (Enterprise Value) amounts to 284 million Euro in cash, of which Abertis will receive 90% according to its stake. These businesses’ expected contribution would have been 78 million Euro in terms of revenues to abertis’ consolidated accounts in 2013.
The transaction, which forms part of abertis’ strategy to continually manage its portfolio in order to optimise its asset base, 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 were in Abertis’ portfolio since 2005, when the company and Aena Internacional purchased the British operator TBI. Last March,abertis agreed to sell the Cardiff airport to the Government of Wales for €61 million.
AZ Capital and Citi have advised abertis in the deal.