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.
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.