TBI, a company owned by Abertis (90%) and Aena Internacional (10%), has completed the sale of the company that holds the concession of London Luton Airport, after having obtained all the necessary authorizations. This asset has been acquired by a consortium of Aena Desarrollo Internacional and Ardian (former AXA Private Equity). This transaction amounts to Enterprise value of 433 million Pound Sterling (€518 million).
This asset's expected contribution would have been €141 million in terms of revenues and €46 million in terms of EBITDA to Abertis' consolidated accounts in 2013, which implies an Enterprise Value / EBITDA 2013E multiple of 11x. The net book gains generated by this transaction are not material.
The transaction had been announced on August 1st, 2013.
London Luton Airport had been part of Abertis' portfolio since 2005, when the company and Aena Internacional purchased the British operator TBI. Last week Abertis announced that an agreement had been reached with ADC & HAS Airports Worldwide regarding the sale of Belfast International and Stockholm Skavsta airports, the terminal concessions for Orlando Sanford (Florida) airport and TBI's airport management business in the US for €284Mn in cash.
Following the completion of the deal with Aena and AXA Private Equity for London Luton Airport and the agreement struck last week with ADC & HAS Airports Worldwide, Abertis' airport business will be limited to a stake in Grupo Aeroportuario del Pacífico (GAP) in Mexico and the concession for Montego Bay airport in Jamaica. Both assets are held for sale.