BAA announces sale of Edinburgh Airport
Colin Matthews (above), Chief Executive of BAA, said: "Edinburgh Airport and its team have been part of BAA for a long time and we are proud of its achievements. We wish the new owners every success and are confident the airport will continue to flourish. BAA will continue to focus on improving passengers' journeys at Heathrow and its other airports.”
Constantinos Orphanides, PwC airport valuations group, said: "Edinburgh Airport is an attractive asset which has demonstrated passenger traffic resilience and which offers further upside from commercial yield improvements.
"The reported £807m Global Infrastructure Partnership deal implies an enterprise value to EBITDA transaction multiple of close to 16.1x which is in line with what we'd expect for a high growth UK regional airport like Edinburgh.
"While this multiple is still well below the airport valuation multiples observed in their 2008 pre-recession peak, the price beat market expectations and hence reinforces the continued demand for quality UK infrastructure assets."
The sale is expected to close by the end of May, when the full sale price is to be paid.
