BAKU, Azerbaijan, Apr. 30
By Nargiz Sadikhova - Trend:
TAV Airports will invest around $200 million to build a new international terminal at Kazakhstan’s Almaty Airport, Trend reports citing TAV.
TAV Airports and Kazakhstan Infrastructure Fund have completed the buy-out of Almaty Airport on April 30, 2021.
The previously agreed purchase price of $415 million was revised down to $365 million taking into account the traffic decrease due to the pandemic. Depending on the recovery of the traffic to pre-pandemic levels, the consortium will pay the additional $50 million in the coming years.
TAV will invest to build a new international terminal which will double the airport’s capacity to more than 14 million passengers annually. The investment is planned to be completed in less than three years.
The consortium received approval from the International Finance Corporation (IFC) and the European Bank of Reconstruction and Development (EBRD) to finance 50 percent of the acquisition and 100% of the new terminal investment with a loan.
The financing is expected to be closed in the 3Q2021.
On May 8, 2020, Turkey’s TAV Airports signed a share purchase agreement to buy Kazakhstan’s Almaty International Airport.
The negotiations were announced in Nov. 2019 as the consortium formed by Turkish TAV Airports (of which Groupe ADP owns 46.1 percent of the capital) and VPE Capital operating in Kazakhstan and Russia, started discussions with the owner of Kazakhstan’s Almaty International Airport regarding the airport’s potential acquisition.
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 100 airports in 30 countries.
A member of French Groupe ADP, TAV Airports is part of the leading airport management platform globally that served 218 million passengers in 2019.
Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security, and commercial area management.
---
Follow the author on Twitter: @nargiz_sadikh
