28-Dec-2012 11:45 AM

VINCI selected to acquire ANA following EUR3.08bn bid

France's VINCI Concessions has been selected (27-Dec-2012) by the Portuguese Government to acquire ANA-Aeroportos de Portugal SA, the concession holder for 50 years of the country’s 10 airports: Lisbon, Porto, Faro and Beja on the mainland; Ponta Delgada, Horta, Flores and Sainta Maria in the Azores; and Funchal and Porto Santo in Madeira. The deal was worth around EUR3.08 billion, with VINCI the highest bidder among Fraport, and consortiums led by Flughafen Zurich and Corporacion America, according to Portugal’s Secretary of State for the Treasury Maria Luís Albuquerque, who commented: "It was a proposal that had the highest value, but also has been evaluated as the most interesting from a strategic standpoint". According to local reports by jornaldenegocios.pt, publico.pt, economico.sapo.pt, expresso.sapo.pt and preferente.com,  Fraport offered EUR2.44 billion, Corporacion America consortium offered EUR2.41 billion and Flughafen Zurich offered EUR2.0 billion. “For a strategic point of view, this was considered the best proposal in terms of the future of the company,” she said, adding: “Vinci also offered the best price.” Vinci will acquire 95% of ANA while employees will hold the remaining 5%. Under the deal, VINCI will be required to pay an immediate deposit of EUR100 million as a guarantee that it will proceed with the agreement. Meanwhile, EUR1.2 billion will be used to cover the grant and EUR700 million will be used to repay debt. The completion of the sale is expected by the end of 2013.

The airports will handle around 30 million passengers in 2012, predominantly international passengers, with growth of over 4% witnessed over the past decade. ANA’s activities include management of the airport facilities, commercial activities, ground handling services, safety and security and passenger assistance services. Through the acquisition of ANA, VINCI Airports, a VINCI Concessions subsidiary, will "become a significant international player in airport concessions, with 23 airports managed in Portugal, France and Cambodia," it said. These airports handle 40 million passengers a year, including a European hub with over 15 million passengers. VINCI Airports will have revenue of more than EUR600 million and EBITDA of around EUR270 million. The transfer contract is scheduled to be signed during the month of Jan-2013, and the transaction will be submitted for the approval of the appropriate anti-trust authorities. [more - original PR]

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