Bankinter | Aena (AENA) is analysing the purchase of Edinburgh Airport for nearly €3 billion. Aena is looking into the possibility of participating in the sale of Edinburgh airport, 80.9% owned by Global Infrastructure Partners (GIP), which has hired HSBC and JPMorgan for a transaction that should be carried out during the first half of this year. GIP aims to raise around £2.5 billion (€2.9 billion).
Assessment: This potential acquisition would make strategic sense for Aena. One of the objectives of its last strategic plan was international expansion. In addition, it would strengthen its presence in the UK, where it already manages Luton airport, and could lead to synergies. From a financial point of view, Aena has the capacity to carry out the transaction, as it has sufficient liquidity and would bring its DFN/EBITDA ratio to 2.8x vs. 2.0x currently. However, the news should be taken with caution, as the sale process is still in its early stages.
