Airports Group Europe, an indirect subsidiary of IFM Global Infrastructure Fund (GIF), has announced that it will be taking a 29.9 percent stake in Vienna Airport at a price of €82 per share.
In a statement today, Melbourne-based IFM Investors – principal adviser to IFM GIF – said that its improved offer price will be paid to shareholders who have accepted the offer no later than 23 December.
In October, IFM said it planned to offer €80 per share via a public voluntary offer – representing a 30 percent premium to the share price at that time – for a stake of between 20 percent and 29.9 percent.
The improved offer represents a 32.2 percent premium to the closing price before the October approach and represents total financing of almost €515 million.
“We are very pleased with the outcome,” said Werner Kerschl, investment director at IFM Investors, in a statement. “We received considerable interest from investors, and feel reassured that we made a fair and attractive offer.”
Nomura International is acting as financial adviser on the transaction and Eisenberger & Herzog Rechtsanwalts is the Austrian legal adviser.
Vienna Airport is Austria’s largest airport and handled almost 22 million passengers in 2013, a 0.7 percent decline compared with the previous year.
IFM owns a 35.5 percent interest in Manchester Airport Group, which acquired London’s Stansted Airport in 2013. It also holds stakes in Australian terminals including Melbourne, Perth and Adelaide Airports.