ADP: raises stake in Turkish airportoperator TAV to 46.1%.
(CercleFinance.com) - ADP Group, the French airport operator, is set to overhaul its Turkish shareholdings, increasing its exposure to this Middle-Eastern market.
The Group will therefore increase its stake in the capital of TAV Airports, which manages 14 airports in the country, from 38% to 46.1%.
ADP, which has had a 38% stake in the Turkish operator TAV Airports since 2012, will buy Akfen Holding's 8.12% stake in TAV Airports for 160 million dollars. This transaction puts the valuation of TAV Holding - 46.12% of which will, in the end, be held by ADP - at around two billion dollars.
Last year, TAV Airports, which operates 14 airports, had 104 million passengers, representing turnover of 1.1 billion euros (+1%), although earnings that were down 39% to 127 million euros.
At the same time, ADP will sell its 49% stake in TAV Investment, TAV Construction's parent company, which, as its name suggests, builds airports, for approximately 9 million euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Group will therefore increase its stake in the capital of TAV Airports, which manages 14 airports in the country, from 38% to 46.1%.
ADP, which has had a 38% stake in the Turkish operator TAV Airports since 2012, will buy Akfen Holding's 8.12% stake in TAV Airports for 160 million dollars. This transaction puts the valuation of TAV Holding - 46.12% of which will, in the end, be held by ADP - at around two billion dollars.
Last year, TAV Airports, which operates 14 airports, had 104 million passengers, representing turnover of 1.1 billion euros (+1%), although earnings that were down 39% to 127 million euros.
At the same time, ADP will sell its 49% stake in TAV Investment, TAV Construction's parent company, which, as its name suggests, builds airports, for approximately 9 million euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.