VINCI Airports to Take Control of Edinburgh Airport
Posted on 04/18/2024
Disclosed on April 17, 2024, Global Infrastructure Partners (GIP) entered into a binding agreement to sell a 50.01% stake in Edinburgh Airport to VINCI Airports (“VINCI”), a airport operator for £1.27 billion. The remaining 49.99% interest in Edinburgh Airport will continue to be managed by GIP upon the close of the transaction. As part of the agreement, GIP and VINCI will jointly lead investment in, and development of, Edinburgh Airport and establish a long-term strategic partnership for the airport’s future development, similar to the successful partnership established in 2019 at Gatwick Airport.
Edinburgh Airport is Scotland’s busiest airport and the sixth busiest airport in the United Kingdom, offering flights to more than 150 destinations across 40 airlines.
As part of the transaction, Crosswind Developments, which is promoting an important business and residential development adjacent to the airport, will assume the same ownership structure as the airport. Its management team and strategy will remain, with Chairman Steve Dunlop and Chief Executive Officer John Watson continuing in their respective roles.
The completion of the transaction is subject to the satisfaction of customary conditions including regulatory and competition clearances in relevant jurisdictions. The transaction is expected to close in mid-2024.
Australia’s Future Fund also is believed to have sold its interest in this deal as well.