Airports Company South Africa (ACSA)
World Headquarters: Johannesburg, South Africa
Airports 100% owned and operated: Johannesburg-OR Tambo, Cape Town, Durban–King Shaka, Upington, East London, George, Kimberley, Port Elizabeth and Bram Fischer (Bloemfontein) airports in South Africa.
Others: ACSA has a 10% stake in the GVK-led MIAL consortium, which operates Mumbai–Chhatrapati Shivaji International Airport in India, and manages São Paulo’s Guarulhos International Airport courtesy of its 20% interest in the concessionaire responsible for operating the Brazilian gateway.
ACSA also has a contract to provide advisory and technical services on all airport-related matters to the Ghana Airports Company Limited for Kotoka International Airport in Accra.
Plans to expand/reduce portfolio: It continues to seek profitable opportunities, particularly within Africa and other developing markets.
News: ACSA has expanded locally over the past year by securing management contracts for Mthatha and Wonderboom airports.
Quote: “International business is a major element of our business plan, not only from a revenue perspective, but also in terms of being a gateway to further engagements around the world,” says ACSA CEO, Bongani Maseko.
“While the South Africa side of the business currently contributes the majority of the revenue of Airports Company South Africa, the potential to utilise our skills and expertise globally remains promising over the long-term.
“We continue to obtain income through airport-related technical advisory, management services and training provided to non-company airports in Brazil, India and Ghana. These opportunities provide
a source of income with high networking and relationship building potential.
“In Brazil, we have doubled our interest in the special purpose entity from 10% to 20%. This advancement increased our equity in Guarulhos International Airport from 5.1% to 10.2% and demonstrates our confidence in the long-term viability of this airport concession. While the economy of Brazil is currently under strain, it is our view that this remains an opportunity that will ultimately deliver solid returns through to the end of the concession in 2032.”
World Headquarters: Madrid, Spain
Airports 100% owned and operated: Aena operates 46 airports and two heliports in Spain including Adolfo Suárez Madrid-Barajas and Barcelona El Prat airports.
Others: Aena has interests in 16 airports in Colombia, Jamaica, Mexico and the UK. It has a controlling 51% shareholding in London Luton Airport in the UK; 37.89% and 50% stakes respectively in Colombia’s Cartagena de Indias (SACSA) and Cali Alfonso Bonilla Aragón (Aerocali) airports; and a 33.3% interest in Aeropuertos Mexicanos del Pacífico (AMP), which operates 12 Mexican gateways that include Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz and Manzanillo on behalf of Grupo Aeroportuario del Pacífico (GAP).
Elsewhere, AMP has a 17.5% shareholding in GAP, which has a 74.5% stake in MBJ Airports Limited, which operates Sangster International Airport in Montego Bay, Jamaica.
Plans to expand/reduce portfolio: Aena continues to consider new business opportunities worldwide.
News: Subsidiary, Aena Internacional, is expected to be involved in the Operational Readiness and Airport Transfer (ORAT) project for the new Midfield Terminal Complex at Abu Dhabi International Airport.
Airports Worldwide (AWW)
Head office: Sanford, Florida, USA
Airports 100% owned and operated: Belfast International Airport in Northern Ireland.
Others: Airports Worldwide (formerly ADC&HAS Airports Worldwide) manages, operates and develops commercial service and terminals at Florida’s Orlando–Sanford International Airport courtesy of capital investment and a management concession that runs until January 2039.
In Sweden, it has a controlling 90.1% interest in Stockholm Skavsta, while in Central America, AWW has 48.75% and 45% stakes respectively in the operators of Costa Rica’s San José–Juan Santamaria International Airport (AERIS Holding Costa Rica) and Liberia–Daniel Oduber Quirós International Airport (Coriport).
In the US, through its 100% ownership of TBI Airport Management, AWW manages the International terminal complex (including concourses E and F) at Hartsfield-Jackson Atlanta International Airport and also manages four other gateways – Atlantic City International Airport (New Jersey), Hollywood Burbank Airport (California) and Middle Georgia Regional and Macon Downtown airports in Georgia. In addition, it performs common resource management and ramp control at Raleigh Durham International Airport’s Terminal 2 in North Carolina.
Plans to expand/reduce portfolio: AWW is seeking to expand its business, both in terms of equity placement and newmanagement contracts.
News: Airports Worldwide’s major shareholder today is the Ontario Municipal Employees Retirement System (OMERS) via Borealis Infrastructure, which is a large global infrastructure investor focused
on acquiring large-scale projects across a range of sub-sectors.
Quotes: AWW’s president, Larry Gouldthorpe, says: “Typically, AWW’s investment strategy is dictated by the criteria within Borealis/OMERS, which lean towards larger equity projects in excess of $400 million.
However, smaller investments will be considered based on the overall fit and strategic value to the portfolio.
“Stable returns and predictable cash flows are essential elements along with strong market position and growth potential.”
Talking specifically about the US market, Gouldthorpe says: “I think we will definitely see an increased interest in privatisation and PPP projects in the future. There is already an increased interest in privatisations in the US that appears to be gaining enough traction to result in real opportunities.”
World Headquarters: Rome, Italy
Airports 100% owned and operated: None.
Others: Rome’s Fiumicino (FCO) and Ciampino (CIA) airports courtesy
of its 96.7% ownership of Aeroporti di Roma (ADR). In France, it has a 60% stake in Aéroports de la Côte d’Azur (ACA), the operator of Nice Côte d’Azur, Cannes-Mandelieu and Saint Tropez airports.
Plans to expand/reduce portfolio: Actively looking for more international assets.
News: Best known for operating 5,000km of toll motorways in Italy, Brazil, Chile, India and Poland and for its controlling stake in Aeroporti di Roma (ADR), Atlantia is a new entrant on the global airport stage following the completion of its €1.2 billion acquisition of a 60% stake in Aéroports de la Côte d’Azur (ACA), the operator of Nice Côte d’Azur, Cannes-Mandelieu and Saint Tropez airports, in November 2016.
Its investment partner in the deal is EDF Invest, which targets three asset classes: infrastructure, real estate and private equity.
Talking about the ACA deal, Atlantia’s CEO, Giovanni Castellucci, said: “The transaction marks another major step towards delivering on Atlantia’s internationalisation strategy and is a perfect fit with our plan to grow our involvement in airports with a global reach.
“Our partner, EDF Invest, will play a major role in making the acquisition a success, with its extensive experience as a long-term infrastructure investor.”
A listed company, with a market capitalisation of €18.4 billion at the end of 2016, Atlantia registered a turnover of €5.5 billion, EBITDA of €3.4 billion and cash flow of €2,400 million in 2016.