Take-off: Vinci agreed to buy 50.01% stake in Edinburgh Airport for around £1.27bn
The French owner of Gatwick Airport is to buy a majority stake in Edinburgh Airport for around £1.27bn.
Vinci agreed to buy a 50.01 percent stake from Global Infrastructure Partners (GIP), owner since 2012. GIP will retain the remaining 49.99 percent stake.
In 2019, Vinci bought a 50.10 per cent stake in Gatwick Airport with investors led by GIP taking the rest.
The deal with Edinburgh Airport is expected to be completed by mid-year.
Edinburgh Airport chairman Sir John Elvidge and chief executive Gordon Dewar will remain in their roles.
Edinburgh airport is the busiest in Scotland and the sixth busiest in the UK, with flights to over 150 destinations.
Nearly 15 million people are expected to use it this year.
Dewar said: “The leadership, which remains in place, is fully committed to working with investors to improve customer service, accelerate our decarbonisation plans and strengthen Scotland’s connectivity with the world.”
GIP said the alliance would see both jointly invest in and develop the airport.
New York-based GIP, recently bought by US investment firm Blackrock, said it would support the administration in modernizing the airport and improving service.
Vinci is one of the largest private airport operators in the world, with more than 70 airports in 13 countries.
Nicolas Notebaert, Chairman of Vinci Airports, said: “This acquisition of a third wholly owned airport in the UK, in addition to Gatwick and Belfast, demonstrates Vinci’s long-term strategic ambition and continued commitment to the country.”