UK. In big breaking news, VINCI Airports, a VINCI Concessions subsidiary, has today signed an agreement to acquire an effective 50.01% stake in Edinburgh Airport Limited – the company that owns Edinburgh Airport – for around £1.27 billion.
VINCI Airports said it expects the transaction to be completed during summer 2024, following the receipt of regulatory approvals. The remaining 49.99% stake will be managed by Global Infrastructure Partners (GIP), which has owned the airport since 2012.
The acquisition marks a new stage in the strategic partnership initiated by VINCI Airports with GIP in 2019, when it acquired a majority stake in London Gatwick Airport.
Edinburgh Airport reported a total revenue of £272 million and an EBITDA margin of 65% in 2023.
VINCI Airports declared it will leverage its global airports experience to further develop Edinburgh Airport – both aeronautical and non-aeronautical (especially retail, the company noted) – by opening new routes and making additional investments.
It will also deploy its environmental expertise “to improve the platform’s already outstanding ESG metrics”.
VINCI Airports said: “Edinburgh Airport has a highly experienced management team who will continue to lead the company and whom VINCI Airports is delighted to welcome to its global network. This emblematic infrastructure in Scotland is perfectly aligned with VINCI Airports’ development strategy.”
Reaction
Edinburgh Airport Chairman Sir John Elvidge said: “We are pleased to welcome VINCI Airports to Scotland and recognise that this is a significant vote of confidence in Scotland, and the future of its capital city airport.”
Edinburgh Airport CEO Gordon Dewar commented: “We welcome and look forward to working with VINCI Airports and Global Infrastructure Partners, two of the world’s most respected airport investors and operators.
“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.”
Global Infrastructure Partners Chairman and CEO Bayo Ogunlesi said: “We are excited to partner with VINCI, with whom we have a strong and productive strategic relationship, to continue to support Edinburgh Airport’s future growth. We remain committed to providing high-quality service to passengers. We are very pleased VINCI shares our vision of Edinburgh Airport’s future.”
CEO of VINCI Concessions and President of VINCI Airports Nicolas Notebaert commented: “We are delighted to announce the expansion of our successful and strategic partnership with GIP to include Edinburgh Airport.
“Together with GIP, VINCI Airports will continue the strategy of growing connectivity and developing commercial activities, whilst also leveraging VINCI Airport’s international expertise to accelerate decarbonisation and continually improving customer experience.
“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.”
Global Infrastructure Partners Deputy Chairman and Founding Partner Michael McGhee said: “This partnership underlines our commitment to Scotland and its capital city airport. We are excited to extend our partnership with VINCI to deliver on our shared aspirations for the future of Edinburgh Airport, including our promise to support the airport’s 2030 sustainability commitments.
“We are pleased the senior leadership team will remain in place under the chairmanship of Sir John Elvidge. Their focus remains on the long-term growth, modernisation and sustainability of the airport and on continuing to improve passenger service.” ✈
