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Business EconomyPosted at: Feb 20 2020 11:19PM


GMR Infra announces partnership with Groupe ADP for airports business

Hyderabad, Feb 20 (UNI) GMR Infrastructure Limited (GIL) on Thursday announced a strategic partnership with Groupe ADP for its Airports Business.
GIL has signed a Share Purchase Agreement pursuant to which Groupe ADP will hold 49 per cent stake in GMR Airports Limited (GAL) for an equity consideration of Rs. 10,780 Crore, valuing GAL at the Base Post Money Valuation of Rs 22,000 Crore.
Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
This equity consideration comprises of Rs. 9,780 Crore towards secondary sale of shares by GMR group; and Rs. 1,000 Crore equity infusion in GAL.
Groupe ADP has also pegged Earn-outs up to Rs. 4,475 Crore linked to achievement of certain agreed operating performance metrics as well as on receipt of certain regulatory clarifications over next 5 years.
Thereby, total valuation assuming all above Earn-outs are successfully consummated, may reach Rs. 26,475 Crore on Post Money Basis.
The first tranche of Rs. 5,248 Crore will be received by GMR Group immediately and this money will help deleverage the Group further and result in improved cash flows and profitability.
As part of the terms of transaction, GMR will retain management control over the Airports Business with Groupe ADP having the customary rights and Board representation at GAL and its key subsidiaries.
The deal will unveil a first of its kind airport development and operations platform globally.
Together, GMR and Groupe ADP will combine unmatched strengths in airport development and operations, offering the highest levels of passenger experience.
This will also open up new opportunities for route development, enhanced expertise in operations, retail, IT, innovation, engineering and many more areas.
As per 2019 passenger statistics, the combined passengers handled by GMR Airports and Groupe ADP stands at 336.5 million, the highest across the world.
Mr. GM Rao, Chairman, GMR Group said, “The partnership with Groupe ADP is in line with GMR’s business direction to become a global airport developer and operator.
With Groupe ADP, GMR will have smoother access to global markets, opening up newer avenues of business growth, he added.
Augustin de Romanet Chairman and Chief Executive Officer of Aéroports de Paris SA-Groupe ADP stated: "The acquisition of a 49 per cent stake in GMR Airports fits within Groupe ADP's strategy. This acquisition will constitute a growth driver in the medium term, and also a transforming position for the group in one of Asia's and the world's most dynamic and promising countries."
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