Abertis completes €284m sale of airport assets

TBI, the airport company in which Abertis holds a 90 percent stake, has finalised the sale of its airport assets in Europe and the US.

TBI, in which Abertis holds a majority stake, has completed the sale of its airport assets in Ireland, Sweden and the US to ADC&HAS Airports Worldwide, the Spanish infrastructure company has announced. 

Houston-based airport operator ADC&HAS Airports Worldwide, whose majority stakeholder is Canada’s Ontario Municipal Employees Retirement System (OMERS), has acquired 100 percent of Belfast International Airport; 90.1 percent of Stockholm-Skavsta Airport; and 100 percent of Orlando Sanford Airport’s terminal concessions in Florida. The acquisition also includes 100 percent of the shares of TBI Airport Management.

“Through this transaction, Abertis reinforces its strategy to focus on its core businesses,” Abertis said in a statement.

The Spanish company will receive 90 percent of the €284 million as it holds 90 percent of TBI. Aena Internacional, a Spanish airport operator, holds the remaining 10 percent.

The assets sold have been part of Abertis’ portfolio since 2005 when the Spanish infrastructure company and Aena acquired UK operator TBI.

The core activities of publicly-listed Abertis are toll roads and telecommunications infrastructure. The Barcelona-based company manages more than 7,000 kilometres of toll roads around the world.

ADC&HAS Airports Worldwide was initially the result of a partnership between Canada’s Airport Development Corporation (ADC) – an airport development and airport facilities company with experience in airport privatisations – and US airport operator HAS Development Corporation (HASDC), an affiliate of Houston Airport System.

Today, ADC&HAS is a privately-held corporation. In addition to OMERS, ADC and HAS hold minority stakes in the global airport equity operator.