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| Hochtief buys majority stake in Budapest Airport A consortium led by Hochtief AirPort GmbH signed a contract with BAA Ltd. to acquire all its shares in Budapest Airport Zrt. The purchasing consortium consists of Hochtief AirPort (49.666 percent), Caisse de dépôt et placement du Québec, Montreal (23.167 percent), GIC Special Investments, Singapore (23.167 percent), and KfW IPEX-Bank, Frankfurt (4.0 percent). The consortium partners are acquiring 75 percent minus one vote of Budapest Airport and will assume all the obligations agreed by BAA with the Hungarian Government when the airport was partially privatized in December 2005. Budapest Airport Zrt. has the right to operate the airport for a remaining period of 73.5 years. In June 2006, the Spanish consortium ADI Ltd., led by Ferrovial, acquired the British airport operator BAA and decided to dispose of several of the company's international holdings, among others Budapest Airport. The total purchase price (on debt-free basis) is EUR 1.9 billion. It will be paid in two installments, directly after transaction close and in 2011. The value of this purchase price approximately equals the price offered by Hochtief during the privatization process in 2005 due to amongst others the airport's continued growth, the restructuring measures already completed, the optimized capital expenditure plan and the enhanced capital efficiency due to the optimized payments schedule. write your comments about the article :: © 2007 Construction News :: home page |