Infrastructure investor Global Infrastructure Partners (GIP) has entered a binding agreement to sell a 50.01% stake in Edinburgh Airport to Vinci Airports for £1.27bn (US$1.58bn).
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’s chairman, Sir John Elvidge and CEO Gordon Dewar will, along with other key leaders, remain in their roles.
“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,” said Bayo Ogunlesi, Global Infrastructure Partners’ chairman and CEO. “We remain committed to providing high-quality service to passengers. We are very pleased Vinci shares our vision of Edinburgh Airport’s future.”
“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,” said Michael McGhee, Global Infrastructure Partners’ deputy chairman and founding partner. “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, modernization and sustainability of the airport and on continuing to improve passenger service.”
“We are delighted to announce the expansion of our successful and strategic partnership with GIP to include Edinburgh Airport,” said Nicolas Notebaert, CEO of Vinci Concessions and president of Vinci Airports. “Together with GIP, Vinci Airports will continue the strategy of growing connectivity and developing commercial activities, while also leveraging Vinci Airport’s international expertise to accelerate decarbonization 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.”
Edinburgh Airport is Scotland’s busiest airport and the sixth busiest airport in the UK, 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 CEO 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.
In related news, Edinburgh Airport in Scotland has selected Veovo’s Intelligent Airport Platform to accelerate its digital transformation and operational efficiency as it approaches pre-pandemic passenger levels of more than 15 million per year. Click here to read the full story.