VINCI signs for the acquisition of ANA, the Portuguese airports concession company

Regulatory News:

Vinci (Paris:DG) today announced the signature, with the Portuguese government, of the contract to acquire the shares of ANA, the company holding the 50-year concession for Portugal’s 10 airports: Lisbon, Porto, Faro and Beja on the mainland; Ponta Delgada, Horta, Flores and Santa Maria in the Azores; and Funchal and Porto Santo in Madeira. In terms of enterprise value, the transaction is worth €3.08 billion.

The concession contract signed by ANA in December 2012 with the Portuguese government offers good visibility of the applicable economic regulations and gives ANA exclusivity for the right to negotiate the construction and operation of a new airport in Lisbon when the capacity of the current airport reaches saturation.

Share transfer will take place once the agreement has been approved by the relevant competition authorities.

This transaction is in line with VINCI’s strategy of making VINCI Airports a leading international player in airport concessions. With this acquisition, the company will be managing 23 airports in Portugal, France and Cambodia, handling more than 40 million passengers a year and including a European hub with over 15 million passengers. Total revenue will exceed €600 million, for Ebitda of around €270 million.

ANA constitutes a group of high quality airports that handled more than 30 million passengers in 2012, of which approximately 80% were international. Passenger numbers have increased at an annual average of over 4% for the past 10 years. Lisbon offers an important advantage, because it is a hub for destinations that are seeing strong growth (Brazil, and Portuguese-speaking Angola and Mozambique in Africa). ANA’s activities include management of the airport facilities and their commercial areas, as well as ground handling services.