Vancouver Airport Authority, operator of Vancouver International Airport (YVR), has sold its remaining 50% stake in Vantage Airport Group to the other shareholder, Gateway Airports.
After the transaction, YVR will continue to deliver support services and operational expertise to Vantage Airport Group as part of a long-term strategic partnership deal.
Vancouver Airport Authority president and CEO Craig Richmond said: “After a successful partnership of more than 21 years, Vancouver Airport Authority sold its remaining equity interest in Vantage Airport Group, nearly doubling its initial investment.
“YVR will focus its resources on the aggressive targets established in our strategic plan.
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“We are proud and remain committed to our ongoing relationship with Vantage and will continue to share our leading edge innovations, approach to world class operations, ideas and people.”
Since 1994, YVR has invested $52.6m into Vantage Airport Group, received dividends and sale proceeds of $105m, and earned a return of around 9%.
The deal was closed by the airport authority on 23 November 2015.
Richmond added: “We formed Vantage Airport Group in 1994 as a way to export great Canadian talent and YVR’s unique approach to exceptional airport experiences.
“Today, Vantage continues to grow in the world of international airport management and is a true YVR innovation success story.”
The sale allows the Vancouver Airport Authority to focus on YVR initiatives that aim to deliver economic and social benefits to British Columbians.
Vantage Airport Group currently operates eight airports in five countries.
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