Groupe ADP announces the completion by TAV Airports of the full ownership acquisition of Almaty International Airport in Kazakhstan

As disclosed on May 8th, 2020[1], a consortium led by TAV Airports (of which Groupe ADP owns 46.38% of the capital) has signed on May 7th, 2020 a Share Purchase Agreement to acquire 100% of the shares of Almaty Airport and the associated jet fuel activities, which will be delegated to a dedicated operator, and services for an Enterprise Value of $415 million.

The share transfer of Almaty Airport took place on April 29th, 2021. Almaty Airport is now fully owned by the consortium of which TAV Airports is an 85% shareholder. VPE Capital, a specialist fund manager in the capital markets in Russia and the CIS[2], holds the remaining 15% stake in the consortium. The airport will be fully consolidated into TAV Airports' accounts and therefore in the accounts of Aéroports de Paris SA.

The previously agreed purchase price was $415 million. The current global crisis in the airline industry has led to submit a part of this purchase price ($50 million) to the condition of the achievement of a certain level of traffic at pre‑determined dates (earn-out scheme).

The airport of Almaty, Kazakhstan's economic capital, is the biggest airport in Central Asia: it welcomed approximately 6.4 million passengers in 2019, around half of which were from international routes. Kazakhstan, the biggest landlocked country in the world with 2.7 million square km, is the driver of economic growth in the region, and stands for 60% of Central Asia's GDP.
[1] See May 8th, 2020 press release: "Groupe ADP announces the signing of an agreement by TAV Airports for the acquisition of Almaty airport".
[2] CIS: Commonwealth of Independent States.
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