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Monday, April 15, 2024

Baker helps Ferrovial acquire a majority stake in YDA Group for €140m

Ferrovial, through its Airports division, has reached an agreement with Turkish infrastructure company YDA Group to acquire a 60% stake in the company that manages the Dalaman International Airport concession, in Turkey, for €140 million

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YDA Group, which has been operating the asset since 2006 and will retain a 40% stake, has undertaken major upgrades to the facilities. Completion of the deal is contingent upon the customary approvals for this type of transaction, including clearance from the Turkish authorities. It is expected to be completed in the first half of 2022.

YDA Group was awarded a 26-year concession to operate the airport in 2014, and that was subsequently extended to 2042. The concession agreement included the construction of a new international terminal that came into service in 2018. Under the concession agreement, fees per passenger are set and collected in euro, with the result that the bulk of the airport’s revenues are in that currency.

“This is a unique opportunity to diversify our airport portfolio in an area that has become a fast-growing destination in Turkey for international tourism,” said Luke Bugeja, CEO of Ferrovial Airports. “YDA Group has extensive experience with building and operating infrastructures under the P3 formula in Turkey, making it the ideal partner for this project. Ferrovial continues to advance without losing sight of opportunities in our strategic markets.”

Baker McKenzie advised Ferrovial with a team comprising partner Antonio Morales and associate Manuel Somacarrera, together with Elmas Caner (partner at Esin Attorney, the Baker McKenzie linked law firm in Turkey).

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