Connect with us

Hi, what are you looking for?

A man strolling to check in at an airport/FILE


Abertis announces sale of London-Luton Airport

A man strolling to check in at an airport/FILE

A man strolling to check in at an airport/FILE

MADRID, Aug 1 – Spanish infrastructure group Abertis said on Thursday it had agreed to sell London-Luton airport for 433 million pounds (502 million euros/$665 million) to a consortium led by Spain’s airport operator.

Luton Airport, which lies 30 miles (50 kilometres) north of central London, is run under a concession held by TBI, owned 90 percent by Abertis and 10 percent by Spain’s public airport operator, AENA.

Under the agreement, TBI is to be sold to a consortium held 51-percent by AENA and 49 percent by AXA Private Equity, Abertis said in a statement.

The deal had an “enterprise value” of 433 million pounds, it said. Enterprise value is a term used to explain the price paid for a business plus other factors taken into account such as debt.

The sale of the London-Luton airport concession, which Abertis had controlled since 2005, formed part of a strategy by Abertis of withdrawing from its worldwide airport holdings.

On July 22, Abertis said it had agreed to sell Belfast International Airport in Northern Ireland and Sweden’s Stockholm Skavsta Airport to US operator ADC & HAS Airports Worldwide for 284 million euros in cash.

With the latest deal, Abertis’ remaining airport business is limited to a stake in Grupo Aeropuertuario del Pacifico in Mexico and the concession for Montego Bay airport in Jamaica, both of which are for sale.

Abertis said the sale of Luton airport was still subject to clearance by the competition authorities, Luton Borough Concil and the Spanish board of ministers.

Luton airport would have contributed about 141 million euros to Abertis’ group revenue and 46 million euros to group earnings before interest, taxes, depreciaion and amortization in 2013, the company estimated.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...