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New Deal


Announced

TAV AIRPORTS / AEROPORTS DE PARIS SA / AKFEN HOLDINGS AS / Acquisition / Public / £134m

Financials

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Transaction Value£10m
Consideration Type-
Capital Owned38%
Capital Bid For8%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Sources

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Tags

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airport management

Turkey

Airports

Public

Acquisition

Completed

Friendly

Single Bidder

Synopsis

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Aéroports de Paris SA; mother company of Groupe ADP; though its subsidiary Tank ÖWA alpha GmbH; entered into a share purchase agreement; signed on 9 June 2017; with Akfen Holding A.S. ("Akfen Holding") for the acquisition of Akfen Holding's whole stake in TAV Havalimanlari Holding A.S. ("TAV Havalimanlari Holding" or "TAV Airports"). Groupe ADP has been a 38% shareholder of TAV Airports since 2012. With this transaction; Groupe ADP will acquire an 8.12% stake in TAV Airports; for an amount of USD160 million. The transaction values TAV Havalimanlari Holding's equity at around USD2.0 billion; equivalent to TRY19.2 per share. This project of acquisition will increase Groupe ADP's commitment in the company; with a stake brought to 46.12% of TAV Airports' share capital. Tepe Insaat Sanayi A.S. and Sera Yapi Endustrisi ve Ticaret A.S.; the other two key founding shareholders of TAV Airports; have expressed their support in favour of this transaction and its prospects for TAV Airports. Meanwhile; Groupe ADP will sell its 49%-stake in TAV Investment; mother company of TAV Yatirim Holding A.S. ("TAV Construction"); to Sera Yapi Endustrisi ve Ticaret A.S. and Tepe Insaat Sanayi A.S. for an amount of EUR9 million.

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