The parent company of Aberdeen, Glasgow and Southampton airports is being sold in a deal worth more than £1.53 billion ($2 billion).
Airport management company AviAlliance has agreed to buy AGS Airports from Spanish infrastructure group Ferrovial and joint venture partner Macquarie. The purchase price is £900 million, while the buyer will also take on £653 million in debt.
AGS Airports was established as a joint venture between Macquarie and Ferrovial following their 2014 acquisition of the airport portfolio from Heathrow Airport Holdings.
“Aberdeen, Glasgow and Southampton airports provide vital connectivity for communities in Scotland and the southeast of England,” AviAlliance MD Gerhard Schroeder said. “We are committed to supporting the airports over the long term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy.”
AviAlliance is the wholly owned airports platform of the Public Sector Pension Investment Board, one of Canada’s largest pension investors. It will add AGS Airports to its existing portfolio of four airports in Athens, Greece; Dusseldorf and Hamburg, Germany; and San Juan, Puerto Rico.
Ferrovial and Macquarie say they have invested £250 million across the three airports during their ownership, including £20 million to boost Aberdeen International Airport’s terminal space by 50%, a £9 million investment to revamp infrastructure at Glasgow Airport, and a £17 million runway extension at Southampton Airport.
Martin Bradley, Regional Head of Infrastructure for Macquarie Asset Management, said: “Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”
The transaction is expected to reach financial close by the first quarter of 2025, following the satisfaction of customary closing conditions and regulatory approvals.
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