Groupe ADP has agreed to purchase a 49% stake in GMR Airports, a unit of India’s GMR Infrastructure (GIL), for Rs107.8bn (€1.36bn).

The acquisition will be conducted in two stages, with the first phase for a 24.99% stake to be carried out over the next few days.

The second phase, for the remaining 24.01%, is currently pending regulatory approval from the Reserve Bank of India and is expected to close in the next few months.

After the completion of the deal, GIL will retain the remaining 51% of GMR Airports.

GIL will offer highly extended governance rights to Groupe ADP. The board members of the two companies will be equally weighted.

Groupe ADP will also be able to hire predetermined key employees within GMR Airports.

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Following this deal, GMR Airports is valued at a base post-money valuation of Rs220bn (€2.83bn).

This includes Rs97.8bn allocated for the secondary sale of shares and Rs100bn equity infusion 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.

With this partnership, both companies will explore business development in aviation, retail, IT, hospitality, innovation and engineering.

Groupe ADP CEO and chairman Augustin de Romanet said: “The acquisition of a 49% stake in GMR Airports fits within Groupe ADP’s strategy. We share with the GMR family a long term vision and a partnership culture.

“This acquisition comes with a robust industrial partnership and enables Groupe ADP to build, only two years after taking control of TAV Airports, a unique worldwide network of airports with a solid industrial expertise and strong development capacities.

“Medium and long term growth driver, this acquisition is a transforming position for the group in one of Asia’s most dynamic and promising countries.”