Ferrovial acquires 60% of Dalaman International Airport in Turkey
Ferrovial, through its airports division, has reached an agreement with the Turkish infrastructure company YDA Group to acquire a 60% stake in the company that manages the concession of Dalaman International Airport in Turkey, for 140 million euros ($159 million).
The airport has two terminals, one domestic and one international, with a capacity of more than 20 million passengers per year, a tarmac for more than 40 aircraft, parking for cars and buses of tour operators and facilities auxiliaries such as a sewage treatment plant. It also plans to build a renewable power plant.
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YDA Group has operated the asset since 2006 and will retain a 40% stake. Completion of the transaction is subject to customary approvals for this type of transaction, including approval from the Turkish authorities. It should be completed in the first half of 2022.
YDA Group was awarded a 26-year concession to operate the airport in 2014, which was later extended until 2042. The concession agreement provided for the construction of a new international terminal which entered into service in 2018. Under the concession agreement, charges per passenger are set and collected in euros, so that the bulk of the airport’s revenue is denominated in this currency.
“This is a unique opportunity to diversify our airport portfolio in a region that has become a rapidly growing destination in Turkey for international tourism,” said Luke Bugeja, CEO of Ferrovial Airports. “YDA Group has extensive experience in building and operating infrastructure under the P3 formula in Turkey, which makes it the ideal partner for this project. Ferrovial continues to move forward without losing sight of the opportunities in our strategic markets.
Hüseyin Arslan, Chairman of YDA Group, said: “We are delighted to welcome Ferrovial as a partner. This strategic alliance represents a unique opportunity to bring together the combined expertise of both companies in the Turkish aviation sector. The synergies arising from our geographical complementarity will connect our customers to new destinations, while offering significant growth potential for both Dalaman and other markets. We are convinced that this partnership between two groups present worldwide in the field of aviation will further contribute to our success.