Upon deal completion, CPP will hold a 5.64% stake worth €791m in Groupe ADP.
The deal forms part of the ‘orderly disposal process of the 8% cross-shareholdings held by Aéroports de Paris and Royal Schiphol Group, respectively.’
This process is scheduled to conclude by 30 May 2023.
With this purchase, Crédit Agricole Assurances increased its stake in Groupe ADP to 7.73% and also became part of the Groupe ADP board.
Headquartered in Paris, Groupe ADP is a French airport operator that owns and manages Parisian international airports Charles de Gaulle Airport (CDG ), Orly Airport (Ory ) and Le Bourget Airport (LBG).
In addition, it owns stakes in 25 airports globally, which saw passenger footfall of 160 million last year.
Groupe ADP has also set a target to make 23 airports carbon neutral, including Parisian airports, by the end of this decade and transition towards carbon-neutral territory by 2050.
To support the shift to hydrogen, the new JV will provide engineering and services to airports in France and globally.