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Abertis agrees to sell London Luton Airport to a consortium headed by Aena

2-Aug-2013 12:35 PM

Spain's TBI, a company owned by abertis (90%) and Aena Internacional (10%), agreed (01-Aug-2013) to sell the company holding the concession for London Luton Airport to a consortium formed by Aena (51%) and AXA Private Equity (49%). The enterprise value of the transaction is GBP433 million. This asset would have contributed an estimated EUR141 million to abertis' revenue and EUR46 million to EBITDA at group level in 2013, which represents a 2013 Enterprise Value/EBITDA ratio of 11x. The transaction, which is subject to authorisation by the competition authorities, the contracting authority (Luton Borough Council) and the Spanish Board of Ministers, forms part of abertis' strategy to continually revise its portfolio in order to optimise the company's asset base. AZ Capital and Citi advised abertis on the sale process. London Luton Airport had been part of abertis' portfolio since 2005, when the company and Aena Internacional purchased the British operator TBI. Last week, abertis announced that an agreement had been reached with ADC & HAS Airports Worldwide regarding the sale of Belfast International and Stockholm Skavsta airports, the terminal concessions for Orlando Sanford Airport and TBI's airport management business for EUR284 million in cash. abertis has also previously agreed to sell Cardiff Airport to the Government of Wales for EUR61 million. Following the completion of the two recent sale agreements, abertis' airport business will be limited to a stake in Grupo Aeroportuario del PacĂ­fico (GAP) in Mexico and the concession for Montego Bay Arport in Jamaica. Both assets are held for sale.  [more - original PR - abertis [more - original PR - AENA - Spanish]