Casil realizes huge capital gain with sale of Toulouse airport
The Chinese fund Casil Europe has sold its 49.99% stake in Toulouse-Blagnac Airport (ATB), the fifth busiest airport in France, to the French civil engineering group Eiffage. The former had announced its intention to divest after the French state chose to keep a minority share of 10% in the airport.
The acquisition of “almost €500 million” was finalized on December 30, 2019. It represents a gain of around €200 million for Casil Europe, who had acquired the share for €308 million when the airport was privatized in 2015.
The decision to privatize Toulouse airport had sparked a controversy as the airport was very profitable. Recently, local shareholders had accused Casil Europe of a "strictly mercantile and short-term management.”
The Chinese group announced in 2018 that it would divest from the airport after the French state decided to keep a minority share, around 10%, on which Casil Europe had an option in the initial privatization contract. The remaining 40% of the airport’s capital is controlled by local authorities.
For Eiffage, the acquisition is part of a “strategy to diversify its portfolio of concessions.” In July 2019, it already became the concessionaire of Lille-Lesquin Airport (LIL). The company, whose core business is civil engineering, follows in the steps of its competitor Vinci. The latter, through its subsidiary Vinci Airports, has acquired a majority stake in London Gatwick (LGW) in May 2019.
The privatization of French airports has been at the center of intense debates in the country since the current government decided to privatize the ADP group, in charge of operating the two main airports of Paris, Roissy Charles de Gaulle (CDG) and Orly (ORY).
Boeing 777X to take off for maiden flight this week
Updated. The development of the Boeing 777X, the manufacturer’s first new airliner since the ill-fated 737 MA...
South African Airways cancels flights “to conserve cash”
On the previous day, South African Airways assured passengers and stakeholders that flights are operating as normal. How...
British Airways month-old Airbus A350XWB damaged 2nd time
British Airways brand-new Airbus A350 XWB, delivered to the operator just in the previous month, was reportedly damaged...
Massive fire breaks next to Sydney Airport
On January 21, 2020, 18 crews of emergency services, made of 70 fire fighters, rushed towards Sydney Airport (SYD), Aust...
FAA issues Emergency AD Boeing 777-300ER GE engines
The Federal Aviation Administration (FAA) issued an emergency airworthiness directive (AD), warning Boeing 777-300ER pow...