Dutch airport management company Royal Schiphol Group (RSG) has divested its remaining 3.9% stake in French airports operator Aéroports de Paris (Groupe ADP).
The sale was executed via an accelerated book-building process, wherein around 3.87 million shares were sold at €133 apiece.
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In addition, Groupe ADP repurchased 296,882 shares or 0.3% of its share capital at €133 per share as part of the transaction, with the buyback amounting to nearly €39.5m.
Groupe ADP funded the buyback using available cash, with the settlement scheduled to occur on or around 8 December this year.
Once the deal is closed, RSG will make a full exit from Groupe ADP’s share capital.
Last month, Canada Pension Plan Investment Board (CPP Investments ) agreed to purchase an additional 1.59% holding in Groupe ADP from RSG.
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By GlobalDataThe transaction is part of the “orderly disposal process of the 8% cross-shareholdings held by Aéroports de Paris and Royal Schiphol Group, respectively”, a process expected to complete by 30 May 2023.
CPP will hold a 5.64% stake valued at €791m in Groupe ADP once the transaction concludes.
In another recent move, Crédit Agricole Assurances, through its Predica unit, acquired a further 2.5% stake in Groupe ADP from RSG.
With this deal, Crédit Agricole Assurances’ stake in the airport operator will grow to 7.73%, with the company also joining the Groupe ADP board.
