Ferrovial Airports has signed a $159m (€140m) deal to purchase a 60% stake in YDA Group, which manages Turkey’s Dalaman International Airport (DLM) concession.
YDA Group will retain the remaining 40% holding in the airport.
Through this acquisition, Ferrovial Group plans to diversify its airport portfolio as it continues to look for growth opportunities.
Ferrovial Airports CEO Luke Bugeja said: “This is a unique opportunity to diversify our airport portfolio in an area that has become a fast-growing destination in Turkey for international tourism.
“YDA Group has extensive experience with building and operating infrastructures under the P3 formula in Turkey, making it the ideal partner for this project. Ferrovial continues to advance without losing sight of opportunities in our strategic markets.”
Located on the Turkish Riviera, Dalaman Airport comprises one domestic and one international terminal.
With an annual passenger handling capacity of more than 20 million, Dalaman Airport secures the fourth spot in the country in terms of international passenger numbers.
Prior to the pandemic, Dalaman Airport managed five million passengers annually.
It has an apron for more than 40 aircraft and parking space to accommodate cars and tour operator buses. The airport also features a water treatment facility and plans to build a renewable power plant.
Since 2006, YDA Group has been operating Dalaman Airport and is said to have made major upgrades to the facilities.
In 2014, YDA Group received a 26-year concession to operate the airport, which was later extended to 2042.
Under the concession agreement, YDA Group built a new terminal, which became operational in 2018.
YDA Group chairman Hüseyin Arslan said: “We are delighted to welcome Ferrovial as a partner. This strategic alliance represents a unique opportunity to bring together the combined expertise of both companies in the Turkish aviation sector.
“The synergies derived from our geographic complementarity will connect our customers to new destinations while offering significant growth potential for both Dalaman and other markets.
“We are convinced that this partnership between two groups with a global presence in the aviation business will further contribute to our success.”
The deal, which awaits the approval of Turkish authorities, is expected to close in the first half of 2022.