Aena faces the decisive phase to take over the airports of Aberdeen, Glasgow and Southampton, in the United Kingdom, with the title of main favorite, according to various market sources. The Spanish airport manager finalizes the details of its binding offer for the assets of Ferrovial and Macquarie, whose valuation is approaching 1.5 billion euros.
Ferrovial and the Australian fund Macquarie, which share a 50/50 stake in the concessionaire that operates the airports, AGS, have set October 31 as the deadline to receive binding offers, according to the sources consulted.
In addition to Aena, the market has shown interest from other operators such as the German Avialliance, controlled by the Canadian pension fund PSP and manager of the aerodromes of Athens (Greece), Düsseldorf and Hamburg (Germany); and the English MAG (Manchester Airport Group), with the Manchester, London Stansted and East Midlands airports in its portfolio, as well as international funds. However, attendance is expected to be limited.
Aena, which has Jefferies as its financial advisor, is thus applying to acquire the three British airports owned by Ferrovial and Macquarie, with which it would strengthen its position in the United Kingdom. In this country, the group chaired by Maurici Lucena controls 51% of Luton airport in London. The Spanish operator has a decided focus of interest in this market. Not in vain, months ago it bid for 50.01% of the Edinburgh airport in Scotland, which the American fund GIP put up for sale, although its offer was surpassed by that of the French giant Vinci. That operation was valued at 1.5 billion euros.
In the United Kingdom there are currently other disinvestment processes in airports, such as those in London Southend, Leeds, Newcastle and Prestwick -near Glasgow-.
Ferrovial itself has also reached an agreement to sell the bulk of its stake in London’s Heathrow airport. Specifically, it will transfer 19.75% of the capital to the French fund Ardian and the Saudi sovereign fund PIF for just over 2,000 million euros. It plans to close the transaction before the end of the year, after which it will still retain 5.25%. The Heathrow concessionaire has just opened the door to returning dividend payments – after suspending it in 2020 as a result of the pandemic – thanks to a record summer.
Now Ferrovial could pocket nearly 750 million euros with the divestment of its 50% in AGS. With the resources obtained from the sales of its British airports, the company chaired by Rafael del Pino plans to boost its investments in the United States, where in the airport field it is present in the capital, with 49%, of the promoter of the new terminal JFK in New York. Ferrovial and Macquarie have Crédit Agricole and Solomon Partners as advisors for the sale of AGS. The owners of the company launched the sale in spring after signing the refinancing of the dealership.
In 2023, Aberdeen, Glasgow and Southampton airports welcomed 10.4 million passengers (7.4 million Glasgow; 2.3 Abeerden and 0.8 Southampton), 13.5% more than in 2022.
Liberation at Luton
The resolution of the Luton conflict favors the options of the Spanish manager. Aena has multiplied its efforts in recent weeks to try to prevail in the bid for AGS after clearing up in September the conflict in which it had been involved due to the legal battle it faces. the energy company NextEra with the Kingdom of Spain for the reduction of premiums for renewable energies. Thus, the High Court of Justice of the United Kingdom rejected the request for precautionary measures presented by the British company to seize 26% of London’s Luton airport held by Aena – it controls 51% in total.
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