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February 21, 2022

Ferrovial signs exclusivity agreement with Carlyle on JFK’s new terminal

If an agreement is signed between the two parties, Ferrovial Airports would acquire 96% of the 51% stake.

Ferrovial Airports has entered an exclusivity agreement with Carlyle Group to negotiate the purchase of its stake in New Terminal One (NTO), a consortium in charge of designing, constructing and running the new terminal at John F Kennedy (JFK) International Airport in New York, US. 

A private consortium, NTO includes Carlyle, JLC Infrastructure and Ullico.

The new terminal will replace the outdated Terminal 1, 2 and the former Terminal 3 that was demolished in 2013.

Carlyle holds a 51% stake in NTO and if an agreement is signed between the two parties, Ferrovial Airports would acquire 96% of the said stake.

Although Ferrovial Airports did not reveal details of the transaction, Bloomberg reported citing people familiar with the matter that the company plans to invest more than $1bn in Carlyle Group.

Completion of the deal awaits the clearance of the Port Authority of New York and New Jersey.

In December last year, the Port Authority of New York and New Jersey signed a revised agreement with NTO for the new $9.5bn international terminal project at the JFK airport.

It was also said that the new 2.4 million-square-foot terminal is on track to break ground in 2022.

Last week, Ferrovial Airports agreed to purchase a 60% interest in YDA Group, which manages Turkey’s Dalaman International Airport (DLM) concession for $159m (€140m).

Under the agreement, YDA Group will retain the remaining 40% stake in the airport, which has one domestic and one international terminal, and can handle more than 20 million passengers per year.

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