Spanish firm Abertis seeks to sell its airport business
Madrid, Spain (4E) – Abertis is planning to sell its airport operations as part of a divestment strategy that disposes the world’s biggest toll road operator of its non-core businesses.
The Spanish firm, which owns and operates 29 airports worldwide, has hired AZ Capital and Citi to review its transport division including its airport portfolio it considers to put for sale. The value of its airports is seen to be around 900mn pounds.
Abertis chief executive Francisco Reynés said a strategic review is being conducted to determine if the division should be disposed. The company owns three regional airports based in Europe and has concessions or management contracts with 26 other airports throughout the globe.
The company is about to lose control of its Bolivian airport concessions including the one in La Paz, which is the country’s biggest airport. Last week, the government announced that it would nationalize the operator Sabsa.
Abertis is also in negotiations with the government in Wales after plans of re-nationalizing the Cardiff airport emerged due to sharp drop in the number of passengers in recent years. Abertis owns one of the three airports that are proposed to be re-nationalized.
Reynés said he expects some of the options for the airport business would be approved by the board like the disposal of the entire unit, the sale of some individual assets or a partial sale that could open doors to work with partners.