Three UK airports sold to German management firm AviAlliance

Spanish infrastructure firm Ferrovial and joint-venture partner Macquarie Group are selling the entire shareholding of AGS Airports Holdings, the owner of three major UK airports. AGS Airports is the parent of Aberdeen and Glasgow airports in Scotland, and Southampton airport on the English south coast. Under the agreement they will be transferred to AviAlliance, which has interests in Athens, Hamburg, Dusseldorf and San Juan airports. AviAlliance has recently divested its participation in Budapest airport. Ferrovial and Macquarie each hold 50% of AGS, which was established in 2014. All three of AGS’s UK airports were among seven formerly run by BAA before the UK competition regulator ordered the company to be broken up. Ferrovial says the agreement values the entirety of the shareholding at GBP900m ($1.15b), and says the overall deal represents an enterprise value of GBP1.53b. It estimates it will recognise a E290m capital gain from the deal, which it expects will close in the first quarter of next year. Macquarie says the three airports handle over 10.8m passengers per year.<br/>