Blackstone’s infrastructure strategy for individual investors has agreed to acquire a minority stake of 22% in AGS Airports from AviAlliance for £235 million.
Blackstone’s investment, together with AviAlliance and PSP Investments, is intended to support the continued growth of the travel and tourism industries across the United Kingdom.
AviAlliance will remain the majority shareholder in AGS with a 78% stake.
AGS handles over 11 million passengers annually and is the owner and operator of three critical UK airports: Glasgow and Aberdeen in Scotland and Southampton in England.
CEO of Blackstone Infrastructure Strategies Greg Blank said, “Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel. AGS has access to one of the most diversified airline mixes of any major UK airport, and the company’s recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth. We look forward to partnering with AGS to support this important growth in the United Kingdom.”
Managing Director and Global Head of Infrastructure Investments for PSP Investments Sandiren Curthan said, “We are pleased to bring Blackstone as a minority shareholder in AGS. Both PSP and Blackstone are like-minded investors with long-term patient capital to support the development of AGS, which will benefit from the operational expertise of AviAlliance.”
Managing Director of AviAlliance Gerhard Schroeder said, “We look forward to developing a constructive and long-term partnership with Blackstone for the benefit of AGS, its management and employees, as well as all other stakeholders at the three airports. Together, we will further strengthen the position of AGS in both Scotland and the wider United Kingdom.”
