LISBON--French construction company and highway operator Vinci
SA (DG.FR, VCISY) will pay 3.08 billion euros ($4.07 billion) to
take over state-run airport operator ANA-Aeroportos de Portugal SA,
the Portuguese government said Thursday, capping a series of
privatizations that has raised billions of euros for the Portuguese
state.
The sale, announced following a nine-hour cabinet meeting, is
part of a privatization program Portugal agreed to undertake to
secure a EUR78 billion bailout package from the European Union and
the International Monetary Fund.
The country has already sold a 21% stake in utility company
EDP-Energias de Portugal SA (EDP.LB) for EUR2.7 billion to China's
Three Gorges Corp. A week ago, Portugal shelved the sale of
flagship carrier TAP Air Portugal, after its only prospective buyer
didn't meet financial conditions set for a deal. Still, the sales
so far have raised more than EUR6 billion for the Portuguese state,
surpassing the original EUR5.5 billion goal under the bailout
plan.
Vinci's winning bid for ANA confirms a Dow Jones Newswires
report last week pegging the company as the frontrunner to buy the
Portuguese airport operator.
The bid represents around 15 times the company's earnings before
interest, taxes, depreciation and amortization, or Ebitda, in 2011,
which stood at EUR199.8 million. The average multiple of recent
deals in the sector is eight times 2011 Ebitda, according to
government and airline industry officials.
Other bidders included Zurich airport operator Flughafen Zuerich
AG (FHZN.EB, FLGZY), German airport operator Fraport AG (FRA.XE)
and Argentinian airport operator Corporacion America, according to
people familiar with the deal.
Vinci, which has concessions for stadiums, car parks, roads and
tunnels across Europe, has said it is seeking to expand its
airports business. It operates airports mostly in France but also
in Cambodia. The business generated EUR150 million in revenue last
year.
Including the Portuguese operations, the company said sales for
its airports activity this year will come to EUR600 million, with
Ebitda at around EUR270 million. The deal adds 10 airports to
Vinci's business, bringing the total operated by Vinci to 23.
--Mimosa Spencer in Paris contributed to this article.
Write to Carla Canivete at djmadrid@dowjones.com
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