TAV Weighs Buying Stake in Antalya Airport
Turkey’s biggest airport operator will take nearly half of the country’s Antalya hub, buying out the local partner of a franchise jointly run with Germany’s Fraport AG. TAV Havalimanlari Holding AS, majority owned by Aeroports de Paris, is paying closely-held IC Ictas Insaat AS 360 million euros ($440 million) in cash for its 49 percent holding in the concession to run Antalya, the company said on Feb. 27, confirming an earlier report about the plan by Bloomberg News. The deal is valued at an enterprise value, or market value plus debt, of 6.2 times over IC Ictas’ earnings before interest, taxes, depreciation and amortization, TAV said. It will be financed by debt and is expected to close in the first half of the year. Fraport will continue to own a 51 percent stake in Antalya and TAV will have equal control and dividend rights in the joint venture, it said.