FRANCE/NETHERLANDS. Aéroports de Paris and Schiphol Group have finalised their joint agreement to create a major global airports alliance. Each group has acquired an 8% stake in the other’s share capital.
The first wave of thirty initiatives related to the implementation and management of their joint cooperation has also been launched.
Aéroports de Paris and Schiphol Group first announced their intention to enter into an alliance on 21 October. They have now obtained all the approvals and authorisations to complete the alliance, which will last for an initial 12 years.
The partners said: “This industrial cooperation agreement between two of Europe’s leading airport groups represents a bold strategic move that is expected to generate significant benefits for the two groups and their clients in all key business areas: aviation, non-aviation (retail, real estate and telecoms activities) and international development.”
Schiphol Group has acquired an 8% stake in Aéroports de Paris from the French government for €530 million or €67 per share. Aéroports de Paris has purchased €370 million worth of Schiphol Group shares, also an 8% stake.
To manage the alliance, the companies have created an Industrial Cooperation Committee plus eight Steering Committees for each of the cooperation areas: (i) dual-hub & network attractiveness, (ii) airport operations, (iii) retail, (iv) international development, (v) real estate, (vi) telecom & IT, (vii) sustainable development and (viii) purchasing.
The first meetings of the ICC and of the eight steering committees were held in Amsterdam. The 30 initiative leaders at Schiphol and Aéroports de Paris have been appointed and will work jointly on the first set of initiatives, which will be launched in Q1 2009.
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Aéroports de Paris and Schiphol Group to create powerful global airports alliance – 21/10/08
