Canadian investment firm PSP Investments and the Reserve des Dépôts du Québec (CDPQ), along with Singapore’s GIC, have sold Budapest Airport to Hungarian state fund Corvinus & Vinci Airports for 4.3 billion euros.
Budapest Liszt Ferenc Airport will be sold to Corvinus Airport and Vinci Airport, which own 80% and 20% respectively, for an equity value of €3.1 billion and net debt of €1.2 billion.
Prior to the sale, PSP Investments, through its private industrial airport investment subsidiary AviaAlliance, owned 55.4% of the airport’s shares, while GIC subsidiaries Malton and CDPQ owned 23.3% and 21.2% respectively.
Gerhard Schröder, managing director of AviaAlliance, said: “Since our first investment in 2007, Budapest Airport has grown significantly. Together with our co-shareholders, we have invested a total of more than 700 million euros in the expansion and development of the airport.”
“Thanks to this commitment and the dedication of our talented management and employees, our airport is internationally recognised for the quality of its passenger service. I am confident that our investment and development plans provide a solid foundation for continued success under the new management.”
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