Airport finance and privatisation 2012 review
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.
To access CAPA Premium Analysis you need a CAPA Membership
Your window into the latest insights
CAPA employs an industry-leading Analyst team based in Europe, North America, Asia and Australia who offer unique perspectives and independent and accurate commentary of critical industry developments globally. CAPA Members rely on our Analysis to unlock valuable insights and actionable intelligence to keep ahead of the game.
Big picture strategic view
Our Analysts don’t just report the news - they take a big picture strategic view of aviation dynamics, issues and trends and analyse the implications of these developments for you.
The CAPA Analyst team is based globally to ensure our CAPA Members have access to independent, unique perspectives covering an entire spectrum of daily, worldwide commercial aviation developments.
Customise your Alerts
CAPA Members can use CAPA Alerts to receive daily, weekly or monthly and customised updates on our Analysis.
I'm very impressed by the factual and detailed analysis CAPA is always doing.- CEO, Airline Member
Phone: +61 2 9241 3200 | Email: email@example.com