Groupe ADP signed an agreement to buy, for an amount of 1.36 billion euros, a 49% stake in the Indian group GMR Airports, which has seven airports located in India, the Philippines and Greece, the airport manager announced Thursday.
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The operation will take place in two stages, the first " will be carried out in the coming days for a participation of 24.99% " and the second, for 24.01%, is subject in particular to obtaining administrative authorizations " in particular from the Reserve Bank of India and will be concluded in the coming months, "said Groupe ADP in a press release.
" Following this transaction, GMR Airports will be jointly owned with GMR Infrastructure Limited (" GIL "), a listed entity of the GMR group, which will retain 51% and control of the company. Groupe ADP will benefit from very extensive governance rights ”, according to the same source.
Three of GMR Airports' seven airports are operated by this group: the international airports of Delhi and Hyderabad in India and the airport of Mactan Cebu in the Philippines, which handled a total of 102 million passengers in 2019, up 8.4% compared to the previous fiscal year, according to Groupe ADP.
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The other four airports, which handled 22 million passengers in 2019, are either under development (Goa in India and Heraklion in Greece) or won at auction (Nagpur and Boghapuram in India). They will be operated by GMR Airports once the work is completed, according to the press release.
Groupe ADP directly or indirectly manages 24 airports around the world through holdings, including the Paris airports of Orly and Charles de Gaulle. Its net profit reached 588 million euros in 2019.
