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AEROPORTS DE PARIS ACQUIRES TURKISH AIRPORT OPERATOR STAKE
By Daniel Dombey
http://www.ft.com/cms/s/0/a129fb68-6c68-11e1-b00f-00144feab49a.html#ixzz1ozxhqzT2
March 12, 2012 9:50 pm
A new alliance between Aeroports de Paris and TAV, the Turkish airports
operator, will aim to expand in Russia, Central Asia and the Middle
East, the Turkish group said on Monday after ADP agreed to buy a 38
per cent stake in TAV for $874m.
As part of a concerted move into the growing Turkish market, ADP -
which said it expected a double-digit return from the transaction as
a whole - also agreed to buy a 49 per cent stake in TAV's construction
unit for $49m.
The deal, which is scheduled to be finalised by July 1, brings the
operator of Paris Charles de Gaulle airport into alliance with the
operator of Istanbul Ataturk airport in a transaction that would
give the partnership a total of 180m passengers in 37 airports around
the world.
Sani Sener, TAV's president and chief executive, told the Financial
Times that his group preferred ADP over other interested parties -
which also included Vinci, the concession and construction group, as
well as private equity groups - because of the potential for growth
that the alliance offers.
"In our minds we were always thinking about a strategic partner," he
said. "This will allow them and us to leverage our collective skills,
outside Turkey in particular."
He added that he expected a "huge privatisation" of Russian airports,
and that the companies would also seek acquisitions in Central Asia
and Saudi Arabia.
Mr Sener acknowledged that one of the reasons for the transaction
was funding for TAV's shareholders, which include Akfen Holding,
a construction company that is looking to finance infrastructure
projects in Turkey.
But he argued the deal was also part of a process of consolidation
in the airports industry, which has lagged behind restructuring in
the aircraft manufacturing and airline sectors.
"Airports have been far behind the two other players in aviation,"
he said. "But there is huge room for growth for the airport business
in the world because airports are congested and who gets capacity
first will gain the passengers."
He argued that the partnership of TAV and ADP would not only
enable them to combine their expertise but also give each group the
opportunity to establish service companies in airports in which the
other was already present.
While Turkish Airlines, which has expanded rapidly in recent years,
accounts for about two-thirds of TAV's passengers, Mr Sener argued
that the carrier was likely to continue to grow in coming years. He
added that improved radar and wider-bodied aircraft would help Istanbul
airport overcome capacity constraints.
The shareholders in TAV were advised by Credit Suisse, Pekin &
Bayar and Ertekin Law Office, while Aeroports de Paris was advised
by JPMorgan, Hogan Lovells and Pekin & Pekin.
From: A. Papazian
By Daniel Dombey
http://www.ft.com/cms/s/0/a129fb68-6c68-11e1-b00f-00144feab49a.html#ixzz1ozxhqzT2
March 12, 2012 9:50 pm
A new alliance between Aeroports de Paris and TAV, the Turkish airports
operator, will aim to expand in Russia, Central Asia and the Middle
East, the Turkish group said on Monday after ADP agreed to buy a 38
per cent stake in TAV for $874m.
As part of a concerted move into the growing Turkish market, ADP -
which said it expected a double-digit return from the transaction as
a whole - also agreed to buy a 49 per cent stake in TAV's construction
unit for $49m.
The deal, which is scheduled to be finalised by July 1, brings the
operator of Paris Charles de Gaulle airport into alliance with the
operator of Istanbul Ataturk airport in a transaction that would
give the partnership a total of 180m passengers in 37 airports around
the world.
Sani Sener, TAV's president and chief executive, told the Financial
Times that his group preferred ADP over other interested parties -
which also included Vinci, the concession and construction group, as
well as private equity groups - because of the potential for growth
that the alliance offers.
"In our minds we were always thinking about a strategic partner," he
said. "This will allow them and us to leverage our collective skills,
outside Turkey in particular."
He added that he expected a "huge privatisation" of Russian airports,
and that the companies would also seek acquisitions in Central Asia
and Saudi Arabia.
Mr Sener acknowledged that one of the reasons for the transaction
was funding for TAV's shareholders, which include Akfen Holding,
a construction company that is looking to finance infrastructure
projects in Turkey.
But he argued the deal was also part of a process of consolidation
in the airports industry, which has lagged behind restructuring in
the aircraft manufacturing and airline sectors.
"Airports have been far behind the two other players in aviation,"
he said. "But there is huge room for growth for the airport business
in the world because airports are congested and who gets capacity
first will gain the passengers."
He argued that the partnership of TAV and ADP would not only
enable them to combine their expertise but also give each group the
opportunity to establish service companies in airports in which the
other was already present.
While Turkish Airlines, which has expanded rapidly in recent years,
accounts for about two-thirds of TAV's passengers, Mr Sener argued
that the carrier was likely to continue to grow in coming years. He
added that improved radar and wider-bodied aircraft would help Istanbul
airport overcome capacity constraints.
The shareholders in TAV were advised by Credit Suisse, Pekin &
Bayar and Ertekin Law Office, while Aeroports de Paris was advised
by JPMorgan, Hogan Lovells and Pekin & Pekin.
From: A. Papazian