Abertis sells last of its airports for €177m

The Spanish developer has exited its stakes in the Montego Bay y Santiago de Chile hubs to GAP, concluding a round of disposals it initiated in 2013.

Barcelona-based Abertis has sold its entire stake in Desarrollo de Concesiones Aeroportuarias (DCA) to Grupo Aeroportuario del Pacífico (GAP), which operates 12 airports in Mexico, for €177 million.

The deal allows Abertis to complete the disposal of its airport business initiated in 2013. DCA owns a 17.5 percent stake MBJ, the company that runs Jamaica’s Montego Bay Airport, and a 14.77 percent holding in SCL, which manages Santiago de Chile Airport.

The transaction follows the sale of Cardiff Airport to the Welsh government for £52 million (€72 million; $78 million) in March 2013, and its divestments from the UK’s Belfast International Airport and Stockholm Skavsta in July of the same year to US-based ADC&HAS Airports Worldwide, a unit of Canada's Ontario Municipal Employees Retirement System, for €284 million.

The latter deal also saw Abertis sell terminal concessions at Florida’s Orlando Sanford as well as the US airport management business of TBI.

The company subsequently disposed of its stake in Luton Airport, the UK’s fifth-largest, to French fund manager Ardian and Spanish airport operator AENA through a £394.4 million deal closed in November 2013; it completed the sale of its stake in GAP to Controladora Mexicana de Aeropuertos 13 months later.

Abertis has spent the best part of the last five years deliveraging the business and refocusing on toll road and telecoms through non-core asset disposals.

Cellnex Telecom, its terrestrial telecom subsidiary, last month sealed a deal to purchase 7,377 mobile phone towers from Italian operator WIND. The transaction entailed the acquisition of 90 percent of Galata Company, owner of WIND’s mobile masts, for €693 million.