Aberdeen, Glasgow and Southampton airports owner sold in £1.53bn deal
Spanish construction giant Ferrovial and joint venture partner Macquarie agreed to sell AGS Airports to AviAlliance, ending 10 years of ownership.
The group behind Aberdeen, Glasgow and Southampton airports is being sold in a deal worth more than £1.53 billion, it has been announced.
Spanish construction giant Ferrovial and joint venture partner Macquarie agreed to sell AGS Airports to AviAlliance for £900 million, while the buyer will also take on £653 million in debts.
The deal is expected to complete in the first quarter of next year.
AviAlliance – wholly owned by Canadian pension investor, the Public Sector Pension Investment Board – will add AGS Airports to its existing portfolio of four airports in Athens, Greece, Dusseldorf and Hamburg in Germany and San Juan in Puerto Rico.
PSP Investments is already a long-standing investor in UK infrastructure projects, including a majority stake in Forth Ports, one of the largest port operators in Scotland and England, as well as rolling-stock giant Angel Trains.
Gerhard Schroeder, managing director of AviAlliance, said: “We are committed to supporting the airports over the long-term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy.”
They then set up AGS Airports as a 50/50 joint venture following the takeover.
The pair say they have invested £250 million across the three airports during their ownership, including £20 million to boost Aberdeen International Airport’s terminal space by 50%, as well as a £17 million runway extension at Southampton Airport.
Martin Bradley, regional head of infrastructure for Macquarie Asset Management, said: “Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”
Ferrovial said it estimated it would make a capital gain of 290 million euros (£241.3 million) for its 50% share of AGS.