Take-off: Vinci has agreed to buy a 50.01% stake in Edinburgh Airport for around £1.27bn
The French owner of Gatwick Airport is to buy a majority stake in Edinburgh Airport for around £1.27billion.
Vinci has agreed to buy a 50.01 per cent stake from Global Infrastructure Partners (GIP), the owner since 2012. GIP will retain the remaining 49.99 per cent stake.
In 2019 Vinci bought a 50.10 per cent stake in Gatwick Airport, with investors led by GIP retaining the rest.
The Edinburgh Airport deal is expected to complete by the middle of the year.
Edinburgh Airport’s chairman Sir John Elvidge and chief executive Gordon Dewar will remain in their roles.
Edinburgh Airport is Scotland’s busiest and the sixth busiest in the UK, with flights to more than 150 destinations.
Almost 15m people are expected to use it this year.
Dewar said: ‘The leadership, which remains in place, is wholly committed to working with investors to improve customer service, accelerate our decarbonisation plans and strengthen Scotland’s connectivity with the world.’
GIP said the tie-up would see the pair jointly invest in and develop the airport.
New York-based GIP, recently bought by US investment firm Blackrock, said it would support management in modernising the airport and improving service.
Vinci is one of the world’s biggest private airport operators, with more than 70 airports in 13 countries.
Nicolas Notebaert, president of Vinci Airports, said: ‘This acquisition of a third freehold airport in the UK, in addition to Gatwick and Belfast, demonstrates Vinci’s long-term strategic ambition and continued commitment to the country.’
***
Read more at DailyMail.co.uk