AviAlliance, one of the world’s leading private airport investors and operators, today announced the acquisition of AGS Airports from Ferrovial and Macquarie1 for an enterprise value of £1.53 billion. The transaction is subject to regulatory approvals and is expected to complete in Q1 2025.
AGS Airports, established in 2014, operates Aberdeen, Glasgow, and Southampton airports. These airports serve large and growing regions of the United Kingdom, significantly contributing to their local economies. Operating within the attractive British air travel market, AGS Airports benefit from strong fundamentals and a continued demand for business and leisure travel, which is expected to drive growth in domestic and international passenger traffic. AviAlliance will leverage its extensive global airport expertise to responsibly develop AGS Airports, enhancing air connectivity, improve the passenger experience, and support local communities.
AviAlliance is the wholly-owned airports platform of the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors. Founded in 1997 and acquired by PSP Investments in 2013, it has a long track record of traffic growth, operational excellence and superior passenger experience as well as investment in its airports. AviAlliance’s portfolio of four airports together served 73 million passengers in 2023, an increase of more than 20 percent compared to 2022.
PSP Investments is a long-standing investor in UK infrastructure and real estate, having opened its second international office in London in 2016. Its infrastructure investments include majority ownership positions in Forth Ports, one of the largest port operators in Scotland and England, and Angel Trains, the largest rolling stock company in the United Kingdom.
Gerhard Schroeder, Managing Director of AviAlliance, said: “Aberdeen, Glasgow and Southampton airports provide vital connectivity for communities in Scotland and the South East of England. As a seasoned airport investor and manager with in-depth industry expertise, AviAlliance will enable each airport to realize their full potential. We are committed to supporting the airports over the long term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy.”
Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments at PSP Investments said: “PSP Investments is a significant investor across several sectors in Scotland and more broadly, the United Kingdom, with over £10bn of investments in the United Kingdom. Our PSP Infrastructure strategy consists of investing in sectors where PSP Investments has strong expertise and a track record of delivering value for our beneficiaries. Airports is a sector which fits that strategy given AviAlliance’s deep operational expertise. We are delighted to add AGS Airports to our infrastructure portfolio and look forward to working with our key stakeholders to improve services to the communities in which AGS Airports operate, recognizing the critical role that these airports play in supporting economic growth in Scotland and England.”
