TREMBLAY-EN-FRANCE (ADP press service) – Groupe ADP company TAV Airports and its partner Kazakhstan Infrastructure Fund have completed the acquisition of Almaty Airport and taken over operations. They have pledged a $200 mln investment to double the airport’s capacity to more than 14 mln passengers annually over the next three years.

Almaty International Airport

(Credit: Nikolay Ustinov)

As disclosed on May 8^th, 2020, a consortium led by TAV Airports (of which Groupe ADP owns 46.38% of the capital) has signed a day earlier 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 mln.

The share transfer of Almaty Airport took place on April 29^th, 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, 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 mln. The current global crisis in the airline industry has led to submit a part of this purchase price ($50 mln) 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 mln passengers in 2019, around half of which were from international routes.