Airport authority Aéroports de Paris, through its subsidiary Tank ÖWA alpha, has signed a share purchase agreement to acquire Turkey-based Akfen’s entire stake in TAV Airports for $160m.
Aéroports de Paris is the parent company of Groupe ADP, which has owned a 38% stake in TAV Airports since 2012.
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The acquisition values TAV Airports’ equity at approximately $2bn and will increase Groupe ADP’s total stake in the company to 46.12%.
Aéroports de Paris CEO Augustin de Romanet said: “The reinforcement of Groupe ADP in the capital of TAV Airports is in the continuity of the solid and virtuous partnership in place since 2012.
“The acquisition of 8.12% of TAV Airports' shares will enable Groupe ADP to bring its stake to 46.12% so that to become a leading shareholder of TAV Airports with an increased involvement in this strategic asset.
“This operation will allow increased cooperation and coordination between Groupe ADP and TAV Airports.”
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By GlobalDataSeparately, Groupe ADP will divest its 49% shares in TAV Yatirim’s parent company TAV Investment to Sera Yapi Endustrisi ve Ticaret and Tepe Insaat Sanayi for €9m.
After the completion of the transaction, which is expected during this year, Groupe ADP will completely consolidate TAV Airports in its financial statements.
The share purchase agreements are currently being subjected to regulatory approvals.
TAV Airports operates 14 airports worldwide and served 104 million passengers in 2016.
