9 June 2017
Aéroports de Paris SA
Groupe ADP intends
to increase its stake in TAV Airports and
to sell its stake in TAV Construction
Aéroports de Paris SA, mother
company of Groupe ADP, though its subsidiary Tank ÖWA alpha GmbH,
entered into a share purchase agreement, signed on 9 June
2017, with Akfen Holding A.S. ("Akfen Holding") for the acquisition
of Akfen Holding's whole stake in TAV Havalimanlari Holding A.S.
("TAV Havalimanlari Holding" or "TAV Airports"). Groupe ADP has
been a 38% shareholder of TAV Airports since 2012.
With this transaction, Groupe ADP
will acquire an 8.12% stake in TAV Airports, for an amount of
USD160 million. The transaction values TAV Havalimanlari
Holding's equity at around USD2.0 billion, equivalent to TRY19.2
per share. This project of acquisition will increase Groupe ADP's
commitment in the company, with a stake brought to 46.12% of TAV
Airports' share capital. Tepe Insaat Sanayi A.S. and Sera Yapi
Endustrisi ve Ticaret A.S., the other two key founding shareholders
of TAV Airports, have expressed their support in favour of
this transaction and its prospects for TAV Airports.
Meanwhile, Groupe ADP will sell
its 49%-stake in TAV Investment, mother company of TAV Yatirim
Holding A.S. ("TAV Construction"), to Sera Yapi Endustrisi ve
Ticaret A.S. and Tepe Insaat Sanayi A.S. for an amount of
EUR9 million.
Groupe ADP is thus deploying its
international strategy, on the one hand, by increasing its
commitment in the airport group TAV Airports as leading
shareholder and, on the other hand, at refocusing its activities on
its core business with the disposal of its stake in TAV
Construction.
Following the completion of this
transaction, expected during summer 2017, Groupe ADP will fully
consolidate TAV Airports in its financial statements.
The share purchase agreements are
still subjected to the regulatory approvals.
TAV Airports currently operates 14
airports in Turkey and around the world, and served 104 million
passengers in 2016. The group is fully vertically integrated and
provides all commercial services in the airports it operates and
provides airports services in many airports around the world.
TAV Airports intends to deploy its social and intellectual capital
and strong balance sheet to take advantage of growth opportunities
in airport operations and services such as duty free, food and
beverage, ground handling, security, operation services and IT
through both organic and inorganic growth.
Following this transaction, Dr. M.
Sani Sener will continue in his position as CEO of TAV
Airports. M. Edward Arkwright will be proposed to be appointed
as Chairman of the Board of Directors of TAV Airports by the next
General Shareholders Meeting.
TAV Airports' Board of Directors
would still be constituted by a total of 11 members, with
5 members to be appointed by Groupe ADP, 1 for who Tepe can
propose a candidate and 1 for who Sera can propose a candidate and
4 independent members to be proposed by the Nomination Committee to
the General Shareholder Meeting.
Augustin de Romanet, CEO of
Aéroports de Paris SA - Groupe ADP announced:
"The
reinforcement of Groupe ADP in the capital of TAV Airports is in
the continuity of the solid and virtuous partnership in place since
2012. The acquisition of 8.12% of TAV Airports' shares will enable
Groupe ADP to bring its stake to 46.12 % so that to become a
leading shareholder of TAV Airports with an increased involvement
in this strategic asset. This operation will allow increased
cooperation and coordination between Groupe ADP and TAV Airports.
Moreover, this transaction shows the confidence that Groupe ADP has
in TAV Airports potential of development, especially for the
expansion in the fast growing areas such as the Middle East, Africa
and Asia, in perfect addition to the management of Istanbul Atatürk
airport until 2021. Groupe ADP also renews its trust in the
management of TAV Airports, led by a
remarkable entrepreneurial spirit."
Dr. M. Sani Sener, CEO and
Executive Board Member of TAV Airports commented:
"Groupe ADP is
our leading shareholder. Together, we form a global platform of 26
airports and approximately 245 million passengers to provide
best-in-class airport services around the
world. This transaction clearly demonstrates Groupe ADP conviction
that TAV Airports represents superb growth opportunities in our
core markets. The talented human resources pool of TAV Airports is
a strategic asset for ADP. The complementary strengths of TAV
Airports and Groupe ADP will continue to serve us in creating
shareholder value well into the future."
A conference call will take place
today at 1.45pm (Paris time), webcast live on our website.
The presentation is available on
the website: finance.groupeadp.fr
Press contact:
Elise Hermant, Media and Reputation Department Manager +33 1 74 25
23 23
Investor
Relations: Aurélie Cohen, Head of Investor Relations +33 1 74 25 70
64 - invest@adp.fr
Groupe ADP builds, develops and
manages airports, including Paris-Charles de Gaulle, Paris-Orly and
Paris-Le Bourget. In 2016, the group handled, through Paris
Aéroport, more than 97 million passengers and 2.2 million metric
tonnes of freight and mail at Paris-Charles de Gaulle and
Paris-Orly, and more than 42 million passengers at airports abroad
through its subsidiary Aéroports de Paris Management. Boasting an
exceptional geographic location and a major catchment area, the
Group is pursuing its strategy of adapting and modernising its
terminal facilities and upgrading quality of services; the Group
also intends to develop its retail and real estate businesses. In
2016, Group revenue stood at €2,947 million and net income at €435
million.
Registered office: 1, rue de
France, Tremblay en France 93290. Aéroports de Paris is a public
limited company (Société Anonyme) with share capital of
€296,881,806. Registered in the Bobigny Trade and Company
Register under no. 552 016 628
groupeadp.fr
Press contact:
Erhan Üstündag, Media Relations Coordinator, +90 212 463 30 00,
ext. 2097, erhan.ustundag@tav.aero
Investor
Relations: Nursel Ilgen, CFA, Director, Head of Investor Relations
+90 212 463 30 00 ext. 2122 - ir@tav.aero
About TAV
Airports
TAV Airports maintains its leading
position in the airport operations sector in Turkey. TAV Airports
operates Istanbul Ataturk, Ankara Esenboga, Izmir Adnan Menderes,
Gazipasa Alanya and Milas Bodrum Airports in Turkey as well as
Tbilisi and Batumi Airports in Georgia, Monastir and
Enfidha-Hamammet Airports in Tunisia, Skopje and Ohrid Airports in
Macedonia, Medinah Airport in Saudi Arabia and Zagreb Airport in
Croatia. TAV Airports is also active in other areas of airport
operations including duty free, food and beverage, ground handling,
IT, security and operation services. Within the same context, TAV
Airports also operates duty free, food and beverage and other
commercial areas at Riga Airport in Latvia. Together with its
subsidiaries, the Company provided services to 808,000 flights and
104 million passengers in 2016.
www.tavhavalimanlari.com.tr
www.tavairports.com
ir.tav.aero
Aéroports de Paris SA: Project for
TAV A increase, TAV C disposal
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aéroports de Paris via Globenewswire
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