The group behind Aberdeen, Glasgow and Southampton airports is being sold in a deal worth more than £1.53 billion, it has been announced.
Spanish construction giant Ferrovial and joint venture partner Macquarie agreed to sell AGS Airports to AviAlliance for £900 million, while the buyer will also take on £653 million in debts.
The deal is expected to complete in the first quarter of next year.
AviAlliance – wholly owned by Canadian pension investor, the Public Sector Pension Investment Board – will add AGS Airports to its existing portfolio of four airports in Athens, Greece, Dusseldorf and Hamburg in Germany and San Juan in Puerto Rico.
PSP Investments is already a long-standing investor in UK infrastructure projects, including a majority stake in Forth Ports, one of the largest port operators in Scotland and England, as well as rolling-stock giant Angel Trains.
Gerhard Schroeder, managing director of AviAlliance, said: “We are committed to supporting the airports over the long-term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy.”
They then set up AGS Airports as a 50/50 joint venture following the takeover.
The pair say they have invested £250 million across the three airports during their ownership, including £20 million to boost Aberdeen International Airport’s terminal space by 50%, as well as a £17 million runway extension at Southampton Airport.
Martin Bradley, regional head of infrastructure for Macquarie Asset Management, said: “Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”
Ferrovial said it estimated it would make a capital gain of 290 million euros (£241.3 million) for its 50% share of AGS.
