Vienna’s Flughafen Wien increases its stake in Malta International Airport

4 April 2016 (Last Updated April 4th, 2016 18:30)

Vienna International Airport operator Flughafen Wien has fulfilled the closing conditions of the share purchase agreement to buy the indirect stake of SNC-Lavalin Group in Malta Mediterranean Link Consortium (MMLC) Holdings Malta Limited.

Vienna International Airport operator Flughafen Wien has fulfilled the closing conditions of the share purchase agreement to buy the indirect stake of SNC-Lavalin Group in Malta Mediterranean Link Consortium (MMLC) Holdings Malta Limited.

The company was formerly known as SNC-Lavalin Malta Limited or SNCL Malta.

SNCL Malta holds a 38.75% stake in MMLC, which in turn owns a 40% interest in Malta International Airport.

Flughafen Wien currently has a total consolidated holding of more than 48% in Malta International Airport.

"With the buy-out, Flughafen Wien's share in MMLC has risen to more than 95%."

The total transaction value amounts to nearly €64m, which is equivalent to €3 per Malta International Airport share in addition to adjustments to net working capital.

Flughafen Wien had a total of 32.94% direct and indirect holding in Malta Airport before the deal was completed.

Since the privatisation of Malta Airport in the year 2002, Flughafen Wien has owned a 57.1% stake through its subsidiary VIE (Malta) Limited in MMLC.

With the buy-out, Flughafen Wien's share in MMLC has risen to more than 95%.

At present, earnings before interest, taxes, depreciation and amortisation (EBITDA) is expected to be €310m instead of €280m.

The net profit for the period before non-controlling interests is expected to increase from at least €105m to €115m.