Aviation company Malaysia Airports Holdings has taken 100% control of Turkey's Sabiha Gökçen Airport after buying the remaining 40% of the airport's shares from the Limak Group for $356.25m.
According to a 20-year concession that was awarded in July 2007, Malaysia Airports, GMR and the Limak Group are responsible for managing and operating Istanbul's Sabiha Gökçen Airport.
Turkish airport operator TAV was also in the race for acquiring the airport's shares and had said earlier in September that it has signed a share purchase agreement with the Limak Group for the remaining 40% stake in the airport if Malaysia Airports did not take up its right of first refusal.
Malaysia Airports already owns 60% of the airport's shares after having exercised its right of first refusal to buy out Indian investment group GMR, which held a 40% equity stake.
The company informed that it had rejected an offer from Turkey's TAV Holdings for the stake and proposed to buy it for the same amount on 23 October.
It will now issue rights for 274.8 million new shares and will aim to complete the exercise by the first quarter of next year.
The total value of the acquisitions is estimated to be worth €285m ($355m).
Istanbul Sabiha Gokcen Airport is Turkey's second largest airport after Ataturk International Airport, which is owned by TAV Holdings.
CIMB Investment Bank and Maybank Investment Bank will be acting as the joint principal advisers for the transaction.
Image: Istanbul's Sabiha Gökçen Airport. Photo: courtesy of Sabiha Gökçen Airport.