IFM ups offer, will take 29.9% of Vienna Airport

The Australian fund manager increased its offer from €80 to €82 per share and will now take the maximum stake that it wanted.

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.