Groupe ADP has completed the purchase of a 49% stake in GMR Airports, a unit of India’s GMR Infrastructure (GIL).

In February, Groupe ADP agreed to purchase the 49% stake for Rs107.8bn (€1.36bn).

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The acquisition was conducted in two stages, with the first phase for a 24.99% stake carried out a few days after the announcement.

Due to the effect of the Covid-19 pandemic on the aviation sector, Groupe ADP and GMR signed an amendment to the share purchase agreement and the shareholders’ agreement on 7 July.

According to the new agreement, the price at the second closing has decreased by Rs10.6bn (€126m) compared to the previous purchase price of Rs55.32bn (€658m).

The acquisition of the remaining 24.01% stake in GMR Airports will be structured in two parts.

It includes a net fixed amount of Rs44.72bn (€532m), which includes Rs10bn (€119m) of capital boost in GMR Airports.

The amendment also calls for an earn-out clause worth up to Rs10.6bn (€126m), which is based on the achievements of certain performance targets.

The second phase for the remaining 24.01% was completed on 7 July and marks the complete acquisition of a 49% stake in GMR Airports.

GMR Airports’ portfolio incorporates seven airports in India, the Philippines and Greece.

These include India’s Delhi International Airport and Hyderabad International Airport, which are carbon neutral (ACA34), and the Philippines’ Mactan-Cebu Airport.

The other four airports include Goa Airport in India and Heraklion in Greece, which are currently under construction. In addition, the company won the bidding process for airports in Nagpur and Bhogapuram, India.