Eiffage pays EUR 500m for Toulouse airport stake

31 December 2019 - 12:00 am UTC

Eiffage has closed its acquisition of a 49.99% stake in the Toulouse-Blagnac Airport concessionaire for about EUR 500m from Chinese consortium Casil Europe.

The French infrastructure group said on 30 December that it has acquired in an equity-only deal the shares in Aéroport Toulouse-Blagnac (ATB), which operates Toulouse-Blagnac Airport under a concession expiring in 2046.

The price valued the airport, France’s fifth largest, at about 18 times the EUR 54.7m EBITDA it recorded in 2018. Casil, a consortium of Friedmann Pacific and Shandong Hi-Speed Group, received almost EUR 200m above the EUR 308m price it paid for the minority stake in 2015.

The airport served 9.6 million passengers in 2018, a 25% increase compared to the 7.6 million passengers of 2015. International traffic (+8%) and low-cost flights (+7%) drove the airport’s performance last year.

In the first 11 months of 2019 traffic remained flat, however, reaching 8.8m passengers at the end of November even though the airport added several new international routes and expanded existing ones during the year, according to ATB figures.

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