FRANCE'S VINCI SIGNS £1.27BILLION DEAL TO BUY MAJORITY STAKE IN EDINBURGH AIRPORT

French firm Vinci, owner of Gatwick Airport, has signed a deal to acquire a majority stake in Edinburgh Airport for around £1.27 billion.

Global Infrastructure Partners (GIP) has agreed to offload a 50.01% stake in the Scottish airport to French infrastructure group Vinci Airports. GIP, which has been the owner of the airport since 2012, will retain the remaining 49.99% stake and form a strategic alliance with Vinci for the "next chapter" in the site's growth and development.

This follows a similar agreement in 2019 where Vinci purchased a majority 50.01% stake in London's Gatwick Airport, with a consortium of investors led by GIP retaining the remaining holding. The Edinburgh Airport transaction is anticipated to be finalised by mid-year.

Sir John Elvidge, chairman of Edinburgh Airport, and chief executive Gordon Dewar will maintain their positions following the deal. Edinburgh Airport is Scotland's busiest and the UK's sixth busiest airport, offering flights to over 150 destinations via nearly 40 airlines. Close to 15 million people are projected to pass through the airport this year.

Mr Dewar said: "The leadership team which remains in place is wholly committed to working with our investors to improve customer service, accelerate our decarbonisation plans and strengthen Scotland's connectivity with the world, which ultimately drives the country's international competitiveness and prosperity."

"I should thank the whole team at Edinburgh Airport for the contribution they have made to our success over the last 12 years since GIP acquired the airport and look forward to working with them to write a new, exciting chapter in the airport's story."

GIP announced that their partnership with Vinci would involve joint investment and development of the airport, mirroring their investment partnership in Gatwick since 2019. New York-based GIP, recently acquired by US investment firm BlackRock, stated that along with Vinci, they would support management in modernising the airport, with a focus on sustainability and improved passenger service.

Bayo Ogunlesi, GIP's chairman and chief executive, said: "We remain committed to providing high-quality service to passengers. We are very pleased Vinci shares our vision of Edinburgh Airport's future."

Vinci is recognised as one of the world's largest private airport operators, managing more than 70 airports across 13 countries. Nicolas Notebaert, chief executive of Vinci Concessions and president of Vinci Airports, declared: "This acquisition of a third freehold airport in the UK, in addition to London Gatwick and Belfast International, demonstrates Vinci Airports' long-term strategic ambition and continued commitment to the country."

2024-04-17T09:55:30Z dg43tfdfdgfd