UK. Leading investment and asset management group Blackstone has agreed to acquire a minority stake of 22% in AGS Airports from AviAlliance for £235 million (US$304 million).
AGS and is the owner and operator of Glasgow, Aberdeen and Southampton airports in the UK, which combined serve over 11 million passengers annually.
AviAlliance recently completed the purchase of AGS from Ferrovial and Macquarie and will remain the majority shareholder in AGS with a 78% stake.
Blackstone said its investment, together with AviAlliance and PSP Investments, is intended to support the continued growth of the travel and tourism industries across the UK.
Blackstone Infrastructure Strategies CEO Greg Blank said: “Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel.
“AGS has access to one of the most diversified airline mixes of any major UK airport, and the company’s recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth. We look forward to partnering with AGS to support this important growth in the United Kingdom.”
PSP Investments Managing Director and Global Head of Infrastructure Investments Sandiren Curthan said: “We are pleased to bring Blackstone as a minority shareholder in AGS. Both PSP and Blackstone are like-minded investors with long-term patient capital to support the development of AGS, which will benefit from the operational expertise of AviAlliance.”
AviAlliance Managing Director Gerhard Schroeder said: “We look forward to developing a constructive and long-term partnership with Blackstone for the benefit of AGS, its management and employees, as well as all other stakeholders at the three airports. Together, we will further strengthen the position of AGS in both Scotland and the wider United Kingdom.”
Blackstone Infrastructure’s investments in transportation infrastructure include Mundys, the world’s largest toll road platform and manager of Rome Fiumicino and Ciampino airports; Signature Aviation, the world’s largest network of private aviation terminals; and ASPI, Europe’s largest toll road platform. ✈
