The construction company Ferrovial has reached an agreement with the British subsidiary of the German group Avialliance for the sale of its 50% stake in AGS Airports Holdings Limited (AGS), the company that owns the Aberdeen, Glasgow and Southampton airports. The operation has been valued at 900 million pounds (just over 1,070 million euros), according to The Spanish company has informed the National Securities Market Commission (CNMV).
The del Pino family construction company will obtain a capital gain of 290 million euros with this operation.
As part of the agreement, the Australian fund Macquarie (Ferrovial’s partner) will also sell its entire 50% in AGS. The agreement has valued the equity value of 100% of AGS at 900 million pounds, subject to certain adjustments at closing and transaction costs.
The net income corresponding to Ferrovial will be determined when the process is completed. This amount represents an estimated Enterprise Value (EV) of 1,535 million pounds (1,840 million euros), including the 635 million of debt.
Closing of the transaction is subject to compliance with applicable regulatory approvals and is expected to occur in the first quarter of 2025.
After the sale of Heathrow
This divestment occurs just a few months after Ferrovial also closed the sale of 20% of the capital of London Heathrow airport to Ardian and PIF for 1,711 million pounds (2,051 million euros).
Both operations are in line with Ferrovial’s interest in continuing to increase its exposure to the United States, where it will be able to allocate the funds obtained and where it began trading last May.
According to its latest quarterly results, the three AGS airports brought in 165 million pounds (198 million euros) in the first nine months of 2024, 11.2% more than in the same period of the previous year. The adjusted gross operating profit (Ebitda) of this company amounted to 65 million pounds (78 million euros), 25% higher, with a profitability margin of almost 40%, after having increased the number of passengers by 8.5%, up to 8.6 million people.
AviAlliance is a German airport operator wholly owned by PSP Investments, one of Canada’s largest pension funds, and has in its portfolio the airports of Athens, Düsseldorf, Hamburg and San Juan in Puerto Rico, with a combined flow of 73 million passengers.
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