ADP buys major stake in Turkey’s TAV airport operations
Published: May 23, 2012
French airport operator Aéroports de Paris (ADP) has bought significant stakes in the Turkish airport operator TAV Airports and airport construction specialist TAV Construction.
The purchase agreement was signed in March with existing shareholders Akfen Holding, Tepe İnşaat Sanayi and Sera Yapı Endüstrisi ve Ticaret. The share transfer was completed May 16. ADP now owns 38% of TAV Havalimanları Holding (TAV Airports) and 49% TAV Yatırım Holding (also known as TAV Investment, which owns unlisted company TAV Construction).
Akfen Holding and Tepe İnşaat have both reduced their shareholdings in TAV Airports from 26.1% to 8.1%, while Sera Yapı has reduced its share from 4% to 2%. Other non-floating and free-floating shareholdings remain unchanged at 3.5% and 40.3%, respectively.
The three companies have also reduced their relative stakes in TAV Investment: Tepe İnşaat from 46.5% to 24.2%, Akfen Holding from 42% to 21.7%, and Sera Yapı from 10% to 5.1%.
ADP chairman and CEO Pierre Graff said: “Our partnership with TAV Airports is a major breakthrough for Aéroports de Paris, which has now acquired an international dimension. This transaction will create … excellent growth potential—both organically and through further acquisitions.” He said the purchase was “fully in line with our international strategy” and would have “a strong positive impact on the [ADP] Group’s performance.”
TAV CEO and president M. Sani Sener said: “With this transaction, we have formed a truly global airport alliance … directly or indirectly managing 37 airports around the world. Through this global airport platform, new growth opportunities have opened up before us.”
ADP develops and manages airports including Paris Charles de Gaulle, Paris Orly and Paris Le Bourget.
TAV Airports operates 12 airports, including Istanbul Atatürk, Ankara Esenboga, Izmir Adnan Menderes and Antalya Gazipasa airports in Turkey; Tbilisi and Batumi airports in Georgia, Monastir and Enfidha-Hammamet airports in Tunisia; and Skopje and Ohrid airports in Macedonia. It also operates duty free and retail concessions at Riga International in Latvia, and will this year be taking over operation of Medinah Airport, the first privatization project in Saudi Arabia.