Aéroports de Paris group to buy a stake in TAV
share purchase agreements signed on 11 March 2012, with Akfen Holding A.S. (“Akfen Holding”),
Tepe Đnsaat Sanayi A.S. (“Tepe Đnsaat”) and Sera Yapı Endüstrisi ve Ticaret A.S. (“Sera Yapı”)
with respect to the purchase of a portion of shares of TAV Havalimanlari Holding A.S. (“TAV
Havalimanlari Holding”) and TAV Yatirim Holding A.S. (“TAV Yatirim Holding”, owner of TAV
Construction, an unlisted company).
38% of TAV Havalimanlari Holding’s issued share capital shall be so acquired, for a total
consideration of USD874mm. The transaction values TAV Havalimanlari Holding equity at
USD2.3 billion, equivalent of 11.3 Turkish Lira per share and offers a 32% premium to TAV
Havalimanlari Holding’s latest closing price. In addition, 49% of TAV Yatırım Holding’s issued share
capital shall be acquired for a consideration of USD49mm. The transaction values TAV Yatırım
Holding’s equity at USD100 million.
TAV, with its strong business fundamentals, has been a tremendously successful growth story.
TAV’s “one-stop-shop” strategy, aimed at maximizing returns through capturing profit across all
elements of the airport value chain (engineering, IT, retail, security etc.), is an integral part of its
success. The investment into TAV Airports fits perfectly with the international strategy of Aéroports
de Paris group, which focuses on:
– Investing in international airports serving above 10 million passengers with strong EBITDA
growth potential and located in OECD and BRIC countries
– building strong partnerships by leveraging aeronautical and non-aeronautical expertise
through systematic best practices implementation
This partnership would create one of the largest airport alliances in the world, managing directly or
indirectly around 180 million passengers in 37 airports, and would allow TAV and Aéroports de
Paris group:
– to leverage their respective skills and geographical footprint to boost international
developments in particular outside Turkey,
– to share know-hows and best practices across their respective airports,
– to further grow the asset base through a more systematic cross-selling between Aéroports
de Paris and TAV,
– to foster ambitious HR career paths for the employees of both groups.
Such a combination would result in the creation of an outstanding alliance with excellent growth
potential – both organically and through further acquisitions.
Aéroports de Paris expects to achieve double-digit returns on equity from this transaction. The
transaction is expected to be EPS accretive as of 2013. The investment in TAV will be financed
using existing cash and already secured acquisition debt financing.
Hamdi Akın and Dr. M. Sani Sener will continue in their positions as Chairman of the Board of
Directors and CEO & President of TAV Havalimanlari Holding, respectively. All parties agree that
the Board of Directors of TAV Havalimanlari Holding will consist of eleven members. While Tepe
Insaat & Akfen Holding together will appoint three members, Aéroports de Paris will also appoint
three members of the Board of Directors of TAV Havalimanlari Holding. The CEO & President of
TAV Havalimanlari Holding will serve as the executive Board member and there will be
4 independent Board members.
Dr. M. Sani Sener, CEO & President of TAV said:
“We believe that our brand, which was born out of the privatization of Istanbul Ataturk International
Airport and which we expanded to 12 airports in five countries in just 12 years, will be able to target
even more ambitious goals through the collaboration we have realized with Aéroports de Paris, one
of world’s leading airport operators. The partnership of these two global airport brands in managing
and building airports will result in the
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Source: Aéroports de Paris
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