GMR to sell Philippines airport stake for Rs 1,330 crore – Times of India
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NEW DELHI: The GMR Group will divest its entire 40% stake in Philippines’ Mactan Cebu international airport for an upfront payment of Rs 1,330 crore and earnouts that will be received for over four years during which it will continue providing technical services. Currently, GMR-Megawide Cebu Airport Corporation (GMCAC) operates this airport and GMR Airports International (GAIBV) holds a 40% stake in the JV.
A subsidiary of GMR Infra, GAIBV has entered into definitive agreements with Aboitiz InfraCapital (AIC) to sell its stake in GMCAC, which is is a JV between GAIBV and Megawide Construction (MCC). GAIBV and MCC have agreed to sell their existing stakes in GMCAC to accommodate the entry of AIC. The transaction is subject to customary regulatory approvals in Philippines.
Srinivas Bommidala, business chairman – int’l airports, GMR Group, said, “The decision to divest our stake in GMCAC is also in line with GMR Airport’s strategy to focus on deleveraging and redeploying capital in high growth opportunities. Further, we have strengthened our position in the Asia-Pacific region by partnering with (Indonesia’s) A.”
A subsidiary of GMR Infra, GAIBV has entered into definitive agreements with Aboitiz InfraCapital (AIC) to sell its stake in GMCAC, which is is a JV between GAIBV and Megawide Construction (MCC). GAIBV and MCC have agreed to sell their existing stakes in GMCAC to accommodate the entry of AIC. The transaction is subject to customary regulatory approvals in Philippines.
Srinivas Bommidala, business chairman – int’l airports, GMR Group, said, “The decision to divest our stake in GMCAC is also in line with GMR Airport’s strategy to focus on deleveraging and redeploying capital in high growth opportunities. Further, we have strengthened our position in the Asia-Pacific region by partnering with (Indonesia’s) A.”
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