Vinci Airports has signed an agreement to acquire a majority stake in Edinburgh Airport (EDI), the sixth busiest in the UK, in a transaction worth about £1.27 billion ($1.58 billion).
The deal will see Vinci take a 50.01% holding, while the remaining 49.99% will be managed by Global Infrastructure Partners (GIP), which has owned the airport since 2012. Completion is expected later this summer following the receipt of regulatory approvals.
The move marks the latest partnership between the two parties following Vinci’s acquisition of a 50.01% stake in London Gatwick Airport in May 2019, with a GIP-managed consortium of investors holding the remaining shares.
“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,” Vinci Airport President Nicolas Notebaert says.
EDI is Scotland's busiest airport and the sixth busiest in the UK, with traffic of 14.4 million passengers annually. Flights are offered to more than 150 destinations across 35 airlines, and it is estimated that EDI contributes £1.4 billion a year to the Scottish economy.
GIP, an infrastructure investment fund, has owned the airport for the past 12 years after striking a deal with BAA. "This partnership [with Vinci] underlines our commitment to Scotland and its capital city airport,” says Michael McGhee, GIP deputy chairman and founding partner.
“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.”
EDI’s management team, led by CEO Gordon Dewar, will remain in place following completion of the acquisition. He welcomed the Vinci investment, saying the airport was committed to working with its investors to improve customer service, accelerate decarbonization plans and strengthen connectivity.
Edinburgh Airport reported revenues of £272 million and an EBITDA margin of 65% in 2023. The airport’s largest carrier is easyJet, with a 28.8% capacity share at present, according to OAG Schedules Analyser data. Ryanair is the second largest with 25.7% of the market, followed by British Airways with 10%.
New routes being launched from EDI this year include JetBlue Airways’ seasonal service from New York John F. Kennedy International Airport, which starts on May 22 and will operate daily.
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