VINCI signs contract acquiring ANA Aeroportos de Portugal; committed to Lisbon hub
VINCI signed (21-Feb-2013) the contract acquiring ANA Aeroportos de Portugal, the former state-owned airport operator which holds a 50-year concession for 10 airports in Portugal, for EUR3.08 billion. The transfer of ANA shares will take place upon approval by the relevant competition authorities. The contract also gives ANA exclusive rights to negotiate the construction and operation of Lisbon's new airport, once capacity at Lisbon Portela Airport is saturated. VINCI stated, "This transaction is in line with VINCI's strategy of making VINCI Airports a leading international player in airport concessions. With this acquisition, the company will be managing 23 airports in Portugal, France and Cambodia, handling more than 40 million passengers a year and including a European hub with over 15 million passengers. Total revenue will exceed EUR600 million, for EBITDA of around EUR270 million." Portugal's Finance Minister Vitor Gaspar stated, "It is the Government's firm belief that the two companies [VINCI and ANA] will explore powerful synergies in Portugal and abroad, that will create value and reinforce ANA's strategic role." On the rationale behind the selection of VINCI, Mr Gaspar said, "Price, however attractive, was not the single criteria that determined the Government's choice for VINCI's proposal...the quality of the strategic proposal offered by VINCI was also very important...Vinci is firmly committed to strengthen the capacity of the Lisbon Airport hub as a fundamental link between Portugal, Europe, Africa and South America, as well as to develop the Portuguese airport network." Mr Gaspar added, "ANA will be the flagship of VINCI Airport's business to achieve its long term strategy." Portugal's Economy Minister Álvaro Santos Pereira said, "The result [of the privatisation] is very good and demonstrates very clearly that Portugal is a country that has the confidence of international investors." Meanwhile, VINCI Concessions CEO Roch Burgard said it paid "fair value" for ANA, stating, "We valued the present value and future value of ANA, which we see as a strategic tool for our development" (Bloomberg, 22-Feb-2013). [more - original PR - Vinci] [more - original PR - Finance Minister Speech] [more - original PR - Portuguese Government - Portuguese]