![\"\"](\"https:\/\/www.turkishnews.com\/en\/content\/wp-content\/uploads\/2012\/03\/iKkERk3Ch0a4.jpg\" "\\"iKkERk3Ch0a4\\"")
<\/p>\nBy Alex Webb and Ercan Ersoy<\/p>\n
Aeroports de Paris, operator of the French capital\u2019s airports, agreed to buy a 38 percent stake in Turkish counterpart TAV Havalimanlari Holding AS (TAVHL) for $874 million, the French operator\u2019s largest purchase abroad.<\/p>\n
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TAV runs Ataturk Airport in Istanbul, seen here, as well as terminals in Latvia, Macedonia and Saudi Arabia. Photographer: Adam Berry\/Bloomberg<\/em><\/p>\n The agreement with TAV (TAVHL)\u2019s three biggest shareholders also includes a separate acquisition of a 49 percent stake in a construction company, TAV Yatirim Holding AS, for $49 million, Paris-based ADP said today in a statement. ADP and TAV will run 37 airports serving 180 million passengers worldwide, it said.<\/p>\n Enlarge image Aeroports de Paris to Buy 38% Holding in Turkey\u2019s TAV<\/p>\n TAV runs Ataturk Airport in Istanbul, seen here, as well as terminals in Latvia, Macedonia and Saudi Arabia. Photographer: Adam Berry\/Bloomberg<\/p>\n ADP was competing with Vinci SA (DG), Europe\u2019s biggest construction company, to buy the TAV stake from investors including Akfen Holding AS (AKFEN). TAV runs Ataturk Airport in Istanbul, Europe\u2019s eighth-busiest, as well as terminals in Georgia, Tunisia, Latvia and Macedonia, and it has a contract to build and run an airport in Medina, Saudi Arabia. The purchase will help ADP\u2019s earnings in 2013, the French company said.<\/p>\n \u201cThey already had some management contracts in some other foreign airports, but this is the first time that they\u2019ve taken a stake this big in an airport this important,\u201d said Laure Desbrosses, a Paris-based analyst at Oddo & Cie. \u201cThe price paid is not excessive, valuing TAV at about 15 percent more than its peers, so it\u2019s a good move.\u201d<\/p>\n Stocks Decline<\/p>\n ADP fell as much as 0.6 percent to 59.93 euros and was trading down 0.3 percent at 60.16 euros at 1:01 p.m. in Paris. The stock has gained 14 percent this year, valuing the company at 5.95 billion euros ($7.8 billion). TAV declined as much as 1.4 percent and was trading down 0.7 percent at 8.48 liras for a market value of 3.08 billion liras ($1.71 billion).<\/p>\n The other shareholders in TAV that are selling stakes are Tepe Holding AS\u2019s Bilkent Holding and Sera Yapi Endustrisi & Ticaret AS.<\/p>\n \u201cThere will be a good return on our investment\u201d by the time TAV\u2019s operating concession for Ataturk Airport, the Turkish company\u2019s biggest asset, expires in 2021, ADP Chief Executive Pierre Graff said in an interview after a news conference in Istanbul. The airport\u2019s traffic rose 17 percent last year to 37.5 million passengers.<\/p>\n ADP may not have to make a mandatory tender offer to smaller shareholders in the Turkish airport operator because there\u2019s no change in control of its board, though this is \u201csomething that the capital markets regulator will decide,\u201d TAV CEO Sani Sener said at the news conference.<\/p>\n Investment Plan<\/p>\n The French airport operator said it\u2019s paying about 11.30 liras a share for the stake. The purchase is part of ADP\u2019s program of investing in international airports handling more than 10 million passengers a year with \u201cstrong\u201d earnings growth potential in Organization for Economic Cooperation and Development markets or Brazil, Russia, India or China, it said.<\/p>\n \u201cThere is a strategy that has been put in place by TAV which consists of acquiring external airports, one at a time,\u201d Graff said at the news conference. \u201cWe have a great deal of respect for what has been achieved at TAV and don\u2019t intend to change this strategy,\u201d and the partners will take the lead in acquisitions in their respective stronger markets.<\/p>\n ADP owns 8 percent of Amsterdam\u2019s Schiphol airport and held a stake in Beijing Capital International Airport Company Ltd. before selling that holding in 2007.<\/p>\n The acquisition is subject to the approval of Turkish antitrust regulators, Sener said. ADP will pay for the stake in cash at the closing, he said.<\/p>\n TAV\u2019s selling shareholders hired Credit Suisse Group AG (CSGN) as its financial adviser, while Pekin & Bayar Law Firm (818987L) and Ertekin Law Office served as counsel. Aeroports de Paris (ADP) hired JPMorgan Chase & Co. (JPM) as its adviser, and Hogan Lovells (1131L) and Pekin & Pekin as counsel.<\/p>\n To contact the reporters on this story: Alex Webb in Frankfurt at awebb25@bloomberg.net; Ercan Ersoy in Istanbul at eersoy@bloomberg.net<\/p>\n To contact the editors responsible for this story: Chad Thomas at cthomas16@bloomberg.net; Benedikt Kammel at bkammel@bloomberg.net<\/p>\n via Aeroports de Paris to Buy 38% of Turkey Airport Operator TAV – Bloomberg.<\/p>\n","protected":false},"excerpt":{"rendered":" By Alex Webb and Ercan Ersoy Aeroports de Paris, operator of the French capital\u2019s airports, agreed to buy a 38 percent stake in Turkish counterpart TAV Havalimanlari Holding AS (TAVHL) for $874 million, the French operator\u2019s largest purchase abroad. TAV runs Ataturk Airport in Istanbul, seen here, as well as terminals in Latvia, Macedonia and […]<\/p>\n","protected":false},"author":83,"featured_media":52104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[846,48],"tags":[8044,6885],"class_list":["post-52101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-france","tag-aeroports-de-paris","tag-tav"],"_links":{"self":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/52101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/users\/83"}],"replies":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/comments?post=52101"}],"version-history":[{"count":0,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/52101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media\/52104"}],"wp:attachment":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media?parent=52101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/categories?post=52101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/tags?post=52101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}