Groupe ADP signs an agreement to acquire 49% of the Indian group GMR Airports who has seven airports in portfolio including those of New Delhi, Hyderabad, Goa, Nagpur and Boghapuram.
Groupe ADP has just accelerated its global footprint with the acquisition of a 49% stake in the Indian airport company GMR Airports. The share purchase agreement worth €1.36 billion (107.8 billion INR) falls under “under certain conditions” specifies the French company. “Regarding governance, Groupe ADP will be granted extended rights including the presence of board members at GMR Airports' board equal to that of GMR Infrastructure Limited board members. Groupe ADP will also have the right to appoint predetermined key executives within GMR Airports”. Also, the operation will unfold in two phases: a first phase will be realized within the coming days for a 24.99% stake. The second phase, for 24.01%, is subject to certain regulatory conditions, notably obtaining the customary regulatory approvals for that type of project, in particular from the Reserve Bank of India. It will be concluded during the upcoming months.
GMR Airports' portfolio.
GMR Airports' portfolio includes Heraklion (Greece) and Mactan Cebu (Philippines) airports, but above all, Delhi and Hyderabad airports as well as those of Goa, Nagpur and Boghapuram. Total traffic at the airports amounted to 124 million travelers in 2019, 102 million of which handled by Delhi, Hyderabad and Mactan Cebu. During the same fiscal year, GMR Airports recorded a total revenue of 715 million euros and reported an EBITDA of 205 million euros. With this acquisition, Groupe ADP, which also includes the Turkish airport group TAV Airports, is now establishing itself as the leading global network of airports.