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Aeroports de Paris Agrees to Acquire 38% of Turkey’s TAV

Published: March 12, 2012 | 9:19 am
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Aeroports de Paris, operator of the French capital’s airports, agreed to buy a 38 percent stake in Turkish counterpart TAV (TAVHL) Havalimanlari Holding AS for $874 million, the French operator’s largest purchase abroad.
The agreement with TAV’s three biggest shareholders also includes acquiring a 49 percent stake in the Turkish airport operator’s construction unit, TAV Yatirim Holding, Paris-based ADP said today in a statement.
The French airport operator was competing with Vinci SA (DG), Europe’s biggest construction company, to buy the holding in TAV from Akfen Holding AS (AKFEN), Tepe Holding AS and Sera Yapi Endustrisi & Ticaret AS. TAV runs Ataturk Airport in Istanbul, Europe’s eighth-busiest, as well as terminals in Latvia, Macedonia and Saudi Arabia. The acquisition will help ADP’s earnings starting in 2013, the French company said.
“They already had some management contracts in some other foreign airports, but this is the first time that they’ve taken a stake this big in an airport this important,” said Laure Desbrosses, a Paris-based analyst at Oddo & Cie. “The price paid is not excessive, valuing ADP at about 15 percent more than its peers, so it’s a good move.”
ADP declined as much as 0.6 percent to 59.93 euros and was trading down 0.5 percent at 60.02 euros as of 9:26 a.m. in Paris. The stock has gained 13 percent this year, valuing the company at 5.93 billion euros ($7.77 billion). TAV gained as much as 4.2 percent and was trading up 1.4 percent at 8.66 liras for a market value of 3.15 billion liras ($1.75 billion).

Strategy

The French airport operator said it’s paying about 11.30 liras a share for its stake. The purchase is part of ADP’s strategy of investing in international airports in handling more than 10 million passengers a year with “strong” earnings growth potential in the OECD or Brazil, Russia, India or China, it said.
“This partnership would create one of the largest airport alliances in the world, managing directly or indirectly around 180 million passengers in 37 airports,” ADP said.
ADP owns 8 percent of Amsterdam’s Schiphol airport and held a stake in Beijing Capital International Airport Company Ltd. before selling that holding in 2007.

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