TBI agrees Spanish takeover

John Rimmer

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Infrastructure specialist Abertis is named as the new owner of the UK airports group

UK airports group TBI has agreed a £550m takeover deal with Spanish infrastructure specialist Abertis. Abertis is understood to have bid for the group in partnership with airport authority AENA, forming a new company Airport Concessions and Developments. Abertis controls 90% of the company with AENA holding the remainder.

TBI owns London Luton, Cardiff and Belfast International airports in the UK along with Stockholm Skavsta airport in Sweden. It operates Orlando Sanford airport and three Bolivian airports including La Paz, and also has management contracts to run facilities at Atlanta and Toronto airports.

Companies that withdrew from the bidding include the Vinci Group and Germany's Hochtief.

Abertis was formed in April 2003 by the merger of Acesa Infrastructures and Aurea Infrastructure and Concessions, following Acesa's acquisition of motorway specialist Iberpistas.