Aéroports de Paris SA, the parent company of the ADP Group, has signed on 9 June 2017, with Akfen Holding A. Ş. (“Akfen Holding”) a contract for the acquisition, through its wholly-Tank ÖWA alpha GmbH, the entirety of securities held by Akfen Holding in TAV Havalimanları Holding A. Ş. (“TAV Havalimanları Holding” or “TAV Airports”). The ADP Group is a shareholder of TAV Airports since 2012 to the tune of 38 %.
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Through this transaction, the ADP Group will acquire 8,12 % of the shares of TAV Airports for a total amount of 160 million us dollars. The transaction values TAV Havalimanları Holding to approximately 2.0 billion dollars, or 19.2 Turkish liras per share. This acquisition project will strengthen the involvement of the ADP Group in the company, with a participation range to 46,12 % of the share capital of TAV Airports. Tepe Inşaat Sanayi A. Ş. and Is Yapi Endustrisi ve Ticaret A. Ş., two of the principal founding shareholders, have expressed their support for this transaction and welcome the perspectives they represent for TAV Airports.
At the same time, the ADP Group will also transfer its 49% stake in the company TAV Investment, parent company of TAV Yatırım Holding A. Ş. (“TAV Construction”), to Be Yapi Endustrisi ve Ticaret A. Ş. and Tepe Inşaat Sanayi A. Ş. for an amount of € 9 million.
The ADP Group is rolling out its international strategy, on the one hand, by strengthening its involvement in the airport group TAV Airports as a shareholder of first plan and, on the other hand, by refocusing its activities on its core business, with the sale of its stake in TAV Construction.
At the end of the closing of this transaction expected in the summer of 2017, the ADP Group will consolidate by the global integration in its accounts the group TAV Airports.
The agreements to purchase shares remain subject to regulatory approvals.
TAV Airports operates 14 airports in Turkey and in the world, and has hosted 104 million passengers in 2016. The group is present throughout the value chain airport, offers all the commercial services on the platforms that it operates, and provides airport services in many airports around the world. TAV Airports intends to deploy its human resources and expertise as well as its strong balance sheet to take advantage of growth opportunities, both organic and external opportunities available in the fields of airport operations and services such as Duty Free, catering, ground handling, safety, operational services and information technology.
At the conclusion of this transaction, Dr. M. Sani Şener will retain his duties as General Manager of TAV Airports. The appointment of Mr. Edward Arkwright as Chairman of the Board of directors of TAV Airports will be proposed at the next annual General Meeting of shareholders.
The board of directors of TAV Airports to remain composed of a total of 11 members, with 5 members appointed by the ADP Group, 1 member for which Lilly has the right to nominate a candidate, 1 member for which Will be has the right to propose a candidate and 4 independent directors proposed by the Appointments Committee with the vote of the General Meeting of shareholders.
Augustin de Romanet, Chairman and ceo of Aéroports de Paris SA ADP Group said :
“The strengthening of the ADP Group, in the capital of TAV Airports is inscribed in the continuity of a strong partnership, and virtuous in place since 2012. The acquisition of 8,12 % of the shares of TAV Airports will allow the ADP Group to raise its shareholding to 46,12 % to become a shareholder of first plan, with an involvement reinforced in this strategic asset. This will enable cooperation and coordination between the Group to ADP and TAV Airports. On the other hand, this transaction shows the confidence of the ADP Group in the development potential of TAV Airports, in particular in areas of significant growth rates, the Middle East, Africa and Asia, as a perfect complement to the operation of the airport of Istanbul Atatürk until 2021. The ADP Group also reiterates its confidence in the management of TAV Airports, animated by a remarkable spirit of enterprise.”
Dr. M. Sani Sener, ceo and executive member of the Board of directors of TAV Airports has commented :
“The ADP Group is our shareholder. Together, we form a global system of 26 airports welcoming 245 million passengers, with the goal of providing the best standards in the field of airport services around the world. This transaction clearly demonstrates the conviction of the ADP Group that TAV Airports represents an opportunity for major growth in our core business. The talented employees of TAV Airports are a strategic asset for the ADP Group. The complementary strengths of TAV Airports and ADP Group will continue to help us create value for our shareholders in the future.”
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