India-based GMR Infrastructure has signed a definitive agreement with Malaysian Airports Holding Berhard (MAHB) to sell its 40% stake in Sabiha Gokcen airport in Istanbul for €225m.
The move comes after Malaysian Airports, which owns a 20% stake in the airport, announced its decision to purchase GMR’s stake under the Right of First Refusal provision in shareholders agreement.
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The transaction is subject to customary closing conditions such as the approval from relevant government authorities and the project lenders.
Commenting on the transaction, GMR Infrastructure chairman GM Rao said: "We at GMR Group continue to focus on creating liquidity and enhance value by effective portfolio management under our ALAR (Asset Light Asset Right) Strategy.
"The efforts of the Group taken in recent times will strengthen our balance sheet."
Rothschild India and White & Case have acted as financial advisors and legal counsels, respectively, to the company.
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By GlobalDataGMR Infrastructure operates internationally, and is active in the airport, power, road, and engineering, procurement and construction (EPC) industries among others.
It develops and operates airport infrastructure, working to modernise and operate of international airports on a build, own, and transfer basis.
