Vinci Airports buys majority shareholding in London Gatwick
Vinci Airports is to acquire a 50.01% stake in London Gatwick for £2.9bn.
Apparently undeterred by recent drone disruptions and the threat of post-Brexit chaos, Vinci Airports has signed an agreement to acquire from Global Infrastructure Partners (GIP) and its co-shareholders an effective 50.01% stake in Gatwick Airport Limited, a freehold property airport.
The transaction is expected to complete in the first half of 2019. The other 49.99% will be managed by GIP. The current senior management team will remain in place.
In the year ended 31 March 2018, Gatwick Airport Group reported total revenue of £764.2m, with EBITDA of £411.2m. After the closing, Vinci Airports will be able to fully consolidate Gatwick Airport. The consideration payable for the 50.01% stake is approximately £2.9bn, subject to closing adjustments.
The French firm says the transaction represents a rare opportunity to acquire an airport of such size and quality and fits extremely well with Vinci Concessions’ long-term investment horizon. Gatwick will become the largest single airport in Vinci Airports’ growing worldwide network.
Gatwick is the second largest airport in the UK and eighth busiest in Europe, with a total traffic of 45.7 million in 2018. A consortium led by GIP acquired the airport in 2009.
The Vinci Airports network now includes 46 airports in 12 countries, welcoming more than 228 million passengers.