Groupe ADP to increase stake in TAV Airports
Groupe ADP is to raise its stake in Turkish airport operator TAV Airports from 38% to 46.12%.
Aéroports de Paris SA, mother company of Groupe ADP, has entered into a share purchase agreement, signed on 9th June 2017, with Akfen Holding for the acquisition of Akfen Holding’s stake in Turkish airport operator TAV Airports. Groupe ADP has been a 38% shareholder of TAV Airports since 2012.
With this transaction, Groupe ADP will acquire an 8.12% stake in TAV Airports, for $160m. The transaction values TAV Airports' equity at around $2.0bn. The acquisition will increase Groupe ADP’s stake in the company to 46.12% of TAV Airports' share capital.
Meanwhile, in a move to refocus on its core business, Groupe ADP will sell its 49% stake in TAV Investment, mother company of TAV Yatırım Holding A.Ş. ("TAV Construction"), to Sera Yapi Endustrisi ve Ticaret A.Ş. and Tepe İnşaat Sanayi A.Ş. for an amount of €9m.
Following the completion of this transaction, expected during summer 2017, Groupe ADP will fully consolidate TAV Airports in its financial statements.
The share purchase agreements are still subjected to regulatory approvals.
TAV Airports currently operates 14 airports in Turkey and around the world, including Istanbul’s Atatürk Airport, and served 104 million passengers in 2016.