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Turkish Airlines may buy stake in Istanbul airport: Bloomberg
Posted on Friday, 10 August 2018 14:21
Turkish Airlines is discussing buying a majority interest in Malaysia Airports Holdings’ Istanbul Sabiha Gokcen International Airport (ISG), five people with knowledge of the matter told Bloomberg.

According to two of these sources, the flagship carrier is offering EUR 750.00 million for roughly an 80.0 per cent stake.

ISG features 128 check-in desks and self-service kiosks, with a total 74 passport counters for incoming and outgoing passengers, as well as a 5,000 square metre food court and a 4,500 square metre Duty Free shopping area.

Among other things, the airport has been ranked as one of the world’s fastest growing for seven consecutive years, according to its website.

Malaysia Airports was joined by other investors in 2007 that won an auction to operate ISG for EUR 1.90 billion.

In 2013, the Asia Pacific-based firm increased its holding to 60.0 per cent by picking up 40.0 per cent from GMR Infrastructure for EUR 225.00 million.

Limak Holding of Turkey then offloaded its 40.0 per cent interest in ISG in 2014 to Malaysia Airports in a deal worth EUR 285.00 million and which brought the business under full ownership of its current managers.

A possible sale of the target has been mooted since May 2017, when media reports suggested the vendor is looking to divest a minority stake.

Since then, Tav Havalimanlari Holding and Turk Hava Yollari, more commonly known as Turkish Airlines, are among those to have expressed interest.

The move comes after Turkish Airlines made headlines for cancelling a passenger’s return ticket and charging him GBP 250.00 for a new one due to a check-in error.

Yesterday, the company also said it plans to make its first passenger flight from Istanbul’s new airport on 31st October.

© Zephus Ltd