Abertis shareholders considering a bid for equity stake: reports – Airport Share Wrap
Shares in Spanish-based infrastructure group, Abertis, surged 12.2% yesterday on the back of reports that two major shareholders are exploring plans to create a buyout vehicle.
- Abertis, a Spanish infrastructure group, experienced a 12.2% surge in shares following reports of a potential buyout.
- Major shareholders ACS and Criteria are considering a leveraged buyout worth EUR10.8 billion by private equity firm CVC Partners.
- The buyout would involve the sale of a significant portion of ACS and Criteria's stakes to a three-way investment vehicle with CVC.
- Criteria intends to retain a large amount of stock to prevent the delisting of Abertis.
- Abertis owns Cardiff and Belfast International airports.
- Other European airports, including Aeroporto di Venezia, Ferrovial, Zurich, and Fraport, experienced gains in their share prices, while Vienna and Copenhagen saw losses.
The shareholders, ACS and Criteria, the investment arm of Spanish savings bank La Caixa, which together hold almost 55% of Abertis' stock, are reportedly considering a leveraged EUR10.8 billion (USD13.5 billion) buyout by Luxembourg-based private equity firm CVC Partners. The two shareholders would reportedly sell a large portion of their stakes to a three-way investment vehicle with CVC.
Criteria, which holds a 28% of the company's stock, stated it would retain a large amount of stock so that the bid does not involve a delisting of Abertis. Abertis owns Cardiff and Belfast International airports.
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Elsewhere in Europe yesterday, Aeroporto di Venezia (+4.0%), Ferrovial (+3.8%), Zurich (+2.1%), Fraport (+2.0%) were among the gains, while Vienna (-0.1%) and Copenhagen (-2.1%) lost ground.
Selected airports daily share price movements (% change): 05-Jul-2010