Global airport shares mixed; Vancouver Airport Services purchases 65% stake in Peel Airports
Listed airport stocks were mixed yesterday, exemplified by Italian airport operator Aeroporti di Venezia dropping 3.9% and rival Aeroporto Toscano gaining 1.6%.
Most of the action yesterday was among the non-listed airport operators. Vancouver Airport Services reached an agreement with UK's The Peel Group to acquire a 65% stake in Peel Airports Limited, which includes key airport assets of Liverpool John Lennon Airport (LJLA), Robin Hood Airport Doncaster Sheffield (DSA) and Durham Tees Valley Airport (DTVA). Vancouver Airport Services announced its first priority following the purchase of the Peel Airports stake is to boost passenger numbers at Durham Tees Valley Airport.
The Peel Group will retain a 35% investment in Peel Airports and a presence on the board and stated it "looks forward to opportunities the strategic partnership with Vancouver Airport Services will generate". Peel Airports owns 100% of LJLA and DSA and 75% of DTVA, with local borough councils owning the remaining 25%. Peel Airports announced that, following the successful completion of the Peel investment process, Mark Whitworth will step down from his role as CEO immediately. Mr Whitworth will assist Vancouver Airport Services in an advisory capacity for up to three months.
Selected airports daily share price movements (% change): 23-Jun-2010