A 50:50 partnership between Ferrovial, through its subsidiary Ferrovial Aeropuertos, and Macquarie European Infrastructure Fund 4 (MEIF4) has today signed an agreement with Heathrow Airport Holdings Limited for the purchase of Aberdeen, Glasgow and Southampton Airports.
The transaction is expected to complete no later than January 2015, and has an enterprise value of GBP1,048 million (US$1,678 million).
Iñigo Meirás, CEO, Ferrovial said:
"As a long standing investor in the UK, we are aware of the importance of these airports for the population in their surrounding areas. The transaction proves how valuable these assets are for Ferrovial. We are committed to improve these facilities and their services looking to a better passenger experience and in order to grant access to further domestic and international destinations."
Edward Beckley, European Head of Macquarie Infrastructure and Real Assets, the manager of MEIF4, said:
"As the world's leading infrastructure asset manager, Macquarie has a long and successful track record of investing in and developing airports around the world. We look forward to working with these airports over the long term to support route growth and enhance the passenger experience for the communities they serve."
The three airports will continue to be managed locally to meet the needs of their local communities, with the added benefit of being supported by the joint ownership of Ferrovial and Macquarie. Sir Peter Mason, Chairman of Thames Water and former CEO of AMEC plc, will be appointed as Chair of the group on completion.
The airports will continue to operate under the ownership of Heathrow Airport Holdings Limited until the transaction completes. This is expected by no later than January 2015 and is subject to regulatory clearances and processes.The three airports collectively handled about 13m passengers a year, from Heathrow Airport Holdings (HAH).
- Southampton Airport is located 6.5 km north north-east of Southampton, in the Borough of Eastleigh within Hampshire, England. The airport handled 1,722,758 passengers during 2013, a 1.7% increase compared with 2012, making it the 18th busiest airport in the UK.
- Glasgow Abbotsinch Airport, is an international airport in Scotland, located 11 km west of Glasgow city centre. In 2013 the airport handled nearly 7.4 million passengers, a 2.9% annual increase, making it the second busiest in Scotland, after Edinburgh Airport, and the eighth busiest airport in the United Kingdom.
- Aberdeen International Airport is located at Dyce, a suburb of Aberdeen, Scotland, approximately 9.3 km northwest of Aberdeen city centre. A total of 3.44 million passengers used the airport in 2013, an increase of 3.3% compared with 2012 and a record annual total for the airport.