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Airport finance and privatisation 2012 review

17-Dec-2012

2012 was characterised by a paucity of airport M&A transactions, but those that did materialise were quite significant ones, in Portugal, the UK and Brazil. At least prices have started to creep back up, to around 16 times earnings (from 10-13 times in 2011), which should please the sellers if not the buyers. The number of investors has also continued to increase, along with their variety.

During the year Airport Investor Monthly pointed to the growing numbers of pension funds, sovereign wealth funds (the two can be interchangeable) and infrastructure funds that now dominate the airport investment landscape. On occasion a bidding consortium can be made up exclusively of these funds managers with only a modicum of direct airport operational experience contained within it. That experience now often resides within the existing management team, which can be expected to continue to operate the airport subject to overview from the financiers that may involve one or more designated hands-on directors at one end of the scale, to mere attendance at a quarterly board meeting at the other. [7235 words]

Unlock the following content in this report:

Subheadings:

  • More evidence of private placements, bonds and debt funding
  • 800 + 400 = Adeus?
  • Declining Stansted still offers a tantalising prospect
  • Ferrovial seeks new opportunities as debt reduces
  • Airport ahoy!
  • Boris meets Plan B
  • Scots go AWOL
  • Public sector nightmare
  • Italian airports to be put on a New Year diet?
  • New Istanbul airport attracts ‘worldwide interest’
  • USA – airport privatisation slots up; applications down
  • Second round of Brazilian transactions being reviewed
  • Japan prepares for its first large airport infrastructure deal while Korea backs off
  • India still unsure about PPPs
  • Privatisation patchy in Africa
  • No sudden upsurge in deals forecast for 2013 but new markets are emerging
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