UK. Macquarie Asset Management, via Macquarie European Infrastructure Fund 4, and Ferrovial have reached an agreement to sell AGS Airports to airport investment and management company AviAlliance for an enterprise value for the business of around £1.53 billion (US$1.95 billion).
AGS Airports owns and operates the primary airports serving Aberdeen, Glasgow and Southampton, which serve more than 10.8 million passengers annually combined.
AGS Airports was established as a 50:50 joint-venture between Macquarie and Ferrovial following their 2014 acquisition of the airport portfolio from Heathrow Airport Holdings Limited.
Joint investment of £250 million since then has delivered:
- The largest investment in Aberdeen International Airport’s capacity since its main terminal was opened in 1977. The £20 million investment increased terminal space by +50% including an increased retail offering, new baggage reclaim, expanded business lounges, and new immigration and arrivals facilities.
- A £9 million investment to revamp infrastructure at Glasgow Airport to accommodate all wide-body aircraft alongside improvements to a dedicated pick-up and drop-off facility, new car rental centre, expanded security facilities and improved retail and lounge options.
- A £17 million runway extension at Southampton Airport, which opened in 2024, allowing the airport to operate larger aircraft and diversify its airline base.
Martin Bradley, Head of Infrastructure for Macquarie Asset Management in EMEA, said: “Since 2014, we have worked in partnership with Ferrovial to support around £250 million of investment by AGS Airports aimed at delivering a better experience for passengers travelling via Aberdeen, Glasgow and Southampton airports. Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”
AGS Airports Chief Executive Officer Andy Cliffe said: “Over the past ten years, Macquarie and Ferrovial have played a central role in unlocking our full potential. Their close partnership with the teams across our three airports ensured we had the support to invest in our passenger offering while improving our operations. We are grateful for their close stewardship and look forward to continuing to develop our services and beneficial impact on passengers and communities across the regions of Aberdeen, Glasgow and Southampton.”
The transaction is expected to reach financial close by Q1 2025, following the satisfaction of customary closing conditions and regulatory approvals. ✈
