By Patricia Kowsmann
LISBON--The privatization of Portugal's airport operator is
attracting interest from many investors, both from within Portugal
and abroad, although the bidding process hasn't started yet,
Portugal Treasury Secretary Maria Luis Albuquerque said
Thursday.
Aeroportos de Portugal SA is being sold along with national
airline TAP SGPS SA under Portugal's 78 billion-euro ($98 billion)
bailout program.
Ms. Albuquerque said ANA, as the operator is called, will be
sold to one or more investors through a private sale. Employees
will also be offered up to 5% of the company's capital, she
added.
The government expects to find buyers for both companies by the
end of the year. In April, the Brazilian toll-road operator CCR SA
(CCRO3.BR) and Brisa-Autoestradas de Portugal SA (BRI.LB) said they
would study a possible joint bid for ANA.
TAP is worth around EUR1.2 billion, valued on a multiple of
eight times 2011 earnings before interest, taxes, depreciation and
amortization, the average multiple of recent deals in the sector,
according to government and airline officials. The airport operator
would be valued at roughly EUR1.6 billion using the same
calculation.
Write to Patricia Kowsmann at patricia.kowsmann@dowjones.com