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Groupe ADP to acquire 49 percent stake in GMR Airports

Friday, 21 Feb 2020
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The GMR Group has inked a deal to sell 49 percent stake in its airports business to France’s Groupe ADP. The deal is pegged at Rs 10,780 crore. GMR Group has called off a stake-sale agreement signed last year with a Tata Group-led consortium.

The combined entity will be the world’s biggest airport operator in terms of passengers handled. The two-step deal will see the French company initially buying 24.99 percent stake in GMR Airports, and later topping it up by purchasing 24.01 percent more.

GMR Group will be left with 51 percent. The GMR Group will raise Rs 9,780 crore through a secondary sale of shares while Groupe ADP will infuse an additional Rs 1,000 crore of equity. The first tranche of Rs 5,248 crore will be received by the GMR Group immediately.

This money will help deleverage the group further and result in improved cash flows and profitability. The French company will get equal board representation and the right to appoint key executives.

Groupe ADP will be granted extended rights, including the presence of board members at GMR Airports’ board equal to that of GMR Infrastructure board members. Groupe ADP will also have the right to appoint predetermined key executives within GMR Airports.

 
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