Friday, September 29, 2023

GD&C, A&O advise on Ferrovial´s acquisition of a stake in JFK Airport New Terminal One Consortium

Gibson Dunn & Crutcher New York office team has advised Ferrovial while Allen & Overy New York team has counselled the consortium


Ferrovial, through its Airports division, has agreed to acquire a stake in the New Terminal One, the consortium appointed to design, build and operate the new Terminal One at JFK International Airport (which includes replacing Terminals 1 and 2 and former Terminal 3 of this airport).

Under the deal, Ferrovial is acquiring 96% of The Carlyle Global Infrastructure Fund’s 51% stake in New Terminal One. The completion of the transaction is subject to certain conditions precedent, including Port Authority Board approval. Ferrovial’s investment would amount to $1.14 billion.

With an investment of $9.5 billion, the New Terminal One will stand on the site currently occupied by T1, T2, and the former T3 and will offer an enhanced user experience of more than 2.5 million square feet. The process, which includes demolishing the old terminals and modernising the infrastructure, will increase the terminal’s capacity. Upon completion, it will be the largest terminal at JFK International Airport. Construction will proceed in phases, with the first phase expected to be completed in 2026. The asset concession runs until 2060.

Ferrovial has been part of the aviation industry since 1998 and has more than 20 years of experience investing, developing, and operating 33 airports around the world, including the United States, Australia, and Chile. It currently has four airports in the United Kingdom. With a 25% stake in Heathrow Airport, it is the airport’s core shareholder and industrial partner, and it owns 50% of Glasgow, Aberdeen, and Southampton airports. It is also in the process of closing the acquisition of 60% of Dalaman International Airport in Turkey from YDA Group.

On this deal, Ferrovial was advised by Gibson Dunn & Crutcher’s New York office team. It was led by partners Tomer Pinkusiewicz, Toren Murphy, Kathryn Kelly, and of counsel Jennifer Sabin, along with associates Dan Alterbaum and Colette McNeela.

Allen & Overy’s New York office team was the legal advisor to the consortium. It was led by partners Kent Rowey, Dorina Yessios, Jillian Ashley, Simon Clark, and Ken Rivlin.

Ferrovial’s legal in-house team was led by Juan Bullón, head of Legal at Ferrovial Airports, Santiago Ortiz, secretary-general of Ferrovial, Íñigo Tellechea, Legal counsel and Board member of Ferrovial Airports International, and Pilar Carnicero Legal Counsel at Ferrovial Airports.

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