VINCI to acquire the majority shareholding in Edinburgh Airport
17 Abril 2024 - 1:30AM
VINCI to acquire the majority shareholding in Edinburgh Airport
Nanterre, 17 April 2024
VINCI to acquire the majority
shareholding in Edinburgh Airport
-
Agreement signed to acquire a 50.01% shareholding in the
company owning Edinburgh Airport
- First
airport in Scotland and sixth in the UK in 2023, with traffic of
14.4 million passengers
- After
Belfast International in 2018 and London Gatwick in 2019, VINCI
Airports now expands its network in the UK to three freehold
airports, and more than 70 airports across the world
VINCI Airports, a VINCI Concessions subsidiary,
signed today an agreement to acquire an effective 50.01% stake in
Edinburgh Airport Limited – the company that owns Edinburgh Airport
– for £1.27 billion1.
The transaction is expected to be completed
during Summer 2024, following the receipt of regulatory approvals.
The remaining 49.99% stake will be managed by Global Infrastructure
Partners (GIP), which has owned the airport since 2012.
This acquisition marks a new stage in the
strategic partnership initiated by VINCI Airports with GIP in 2019,
when it acquired a majority stake in London Gatwick Airport.
Edinburgh Airport reported a total revenue of
GBP 272 million and an EBITDA margin of 65% in 2023. It will be
fully consolidated in the Group accounts.
VINCI Airports will leverage its global airports
experience to further develop Edinburgh Airport – both aeronautical
and non-aeronautical (especially retail) – by opening new routes
and making additional investments. VINCI Airports will also deploy
its environmental expertise to improve the platform's already
outstanding ESG metrics.
Edinburgh Airport has a highly experienced
management team who will continue to lead the company and whom
VINCI Airports is delighted to welcome to its global network.
This emblematic infrastructure in Scotland is
perfectly aligned with VINCI Airports' development strategy.
1 Subject to possible adjustments prior to completion of
the transaction.
Key strategic highlights
include:
- Reinforcement of VINCI as a
key player and long-term foothold in the UK infrastructure
market. With a total revenue of almost €6 billion in 2023,
the UK is the second biggest country for VINCI’s operations.
VINCI Airports’ teams have gained significant experience since
becoming the majority shareholder of Belfast International airport
in 2018 and London Gatwick airport in 2019. VINCI Airports has
demonstrated its ability to be a trusted and resilient partner by
managing these airports in unprecedented crisis situations.
- Scotland’s largest airport
and the sixth largest in the UK. Edinburgh Airport is
strategically located in the Scottish capital serving a catchment
area of more than 4 million inhabitants. Edinburgh is the second
most prosperous city in the UK and one of the main tourist
destinations in the British Isles. It currently serves over 150
destinations in 38 countries thanks to close long-term
relationships with airlines such as easyJet, Ryanair, British
Airways and Jet2.
- Traffic growth
potential. Edinburgh Airport benefits from strong traffic
fundamentals and growth forecasts are positive in particular with
respect to long-haul segments. Traffic is expected to fully recover
its pre-covid levels during 2024.
- Freehold ownership
structure. Edinburgh Airport is not a concession based
asset but instead a freehold airport with no time limit. It is
therefore a particularly valuable addition to VINCI Airports’
portfolio, which has a long-term approach to investing in and
operating assets.
About VINCIVINCI is a global player in
concessions, energy and construction, employing 280,000 people in
more than 120 countries. We design, finance, build and operate
infrastructure and facilities that help improve daily life and
mobility for all. Because we believe in all-round performance,
above and beyond economic and financial results, we are committed
to operating in an environmentally and socially responsible manner.
And because our projects are in the public interest, we consider
that reaching out to all our stakeholders and engaging in dialogue
with them is essential in the conduct of our business activities.
VINCI’s ambition is to create long-term value for its customers,
shareholders, employees, partners and society in general.
www.vinci.com
This press release is an official information document of the
VINCI Group.
PRESS CONTACTVINCI Press DepartmentTel: +33 (0)1
57 98 62 88media.relations@vinci.com
- CP VINCI_Edimbourg_20240417_VA
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