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NEWS Last modified on July 22, 2013

Abertis sells airport assets in Europe and USA

Abertis has confirmed the sale of the bulk of its airport assets in Europe and the US to ADC & HAS Airports Worldwide for $284 million.

The sale includes Belfast International and Stockholm Skavsta airports, as well as the Orlando Sanford airport terminal concessions and TBI’s airport management business in the US.


It ends months of speculation about the possible sale of its airport business as part of efforts to reduce an estimated debt of €14.1 billion.

Abertis claims that the multi-million dollar transaction forms part of its strategy to “continually manage its portfolio in order to optimise the company's asset base”.

TBI (90% owned by abertis and 10% by Aena Internacional) signed an agreement with ADC & HAS Airports Worldwide for the sale of Belfast International and Stockholm Skavsta airports, as well as the Orlando Sanford (Florida) airport terminal concessions and TBI’s airport management business in the US.

This transaction (Enterprise Value) amounts to €284 million in cash, of which abertis will receive 90% according to its stake. 

These businesses’ expected contribution would have been €78 million in terms of revenues to abertis’ consolidated accounts in 2013.

The transaction is pending approval by local authorities (who are minority shareholders) in the case of Belfast and Skavsta.

In respect of the US-based assets, the sale is subject to authorisation by the anti-trust authorities and will proceed providing no opposition is raised by the Committee on Foreign Investment in the United States (CFIUS).

The airports sold to ADC & HAS Airports Worldwide have formed part of abertis' portfolio since 2005, when the company and Aena Internacional purchased the British operator TBI. 

Last March, abertis agreed to sell the Cardiff airport to the Welsh government for €61 million.

AZ Capital and Citi have advised abertis in the deal.

Following the latest offloading of its assets, Barcelona-based Abertis will be left with only London Luton in Europe.

Abertis still owns or manages airports in Latin America and Caribbean through DCA, acquired in 2007.

Buyer ADC & HAS was formed in 2008 by Airport Development Corporation of Canada and Houston Airport System, backed by the Ontario Municipal Employees Retirement System pension plan.

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