Ferrovial, through its airports division, has reached an agreement with the Turkish infrastructure company YDA Group to acquire a 60% stake in the company that manages the Dalaman International Airport concession in Turkey, for €140m (US$159m).
The airport has two terminals, one domestic and one international, with capacity for over 20 million passengers per year, an apron for over 40 aircraft, parking space for cars and tour operator buses and ancillary facilities such as a water treatment plant. It also plans to build a renewable power plant.
YDA Group has been operating the asset since 2006 will retain a 40% stake. Completion of the deal is contingent upon the customary approvals for this type of transaction, including clearance from the Turkish authorities. It is expected to be completed in the first half of 2022.
YDA Group was awarded a 26-year concession to operate the airport in 2014, and that was subsequently extended to 2042. The concession agreement included the construction of a new international terminal that came into service in 2018. Under the concession agreement, fees per passenger are set and collected in euro, with the result that the bulk of the airport’s revenues are in that currency.
“This is a unique opportunity to diversify our airport portfolio in an area that has become a fast-growing destination in Turkey for international tourism,” said Luke Bugeja, CEO of Ferrovial Airports. “YDA Group has extensive experience with building and operating infrastructures under the P3 formula in Turkey, making it the ideal partner for this project. Ferrovial continues to advance without losing sight of opportunities in our strategic markets.”
Hüseyin Arslan, chairman of YDA Group, said, “We are delighted to welcome Ferrovial as a partner. This strategic alliance represents a unique opportunity to bring together the combined expertise of both companies in the Turkish aviation sector. The synergies derived from our geographic complementarity will connect our customers to new destinations, while offering significant growth potential for both Dalaman and other markets. We are convinced that this partnership between two groups with a global presence in the aviation business will further contribute to our success.”