Thursday, August 20, 2020

French airport operator gets PCC nod to buy 49% of GMR

The Philippine Competition Commission (PCC) gave French airport operator Groupe ADP the go signal to buy 49% of India-based GMR Airports Limited.

The antitrust body on Thursday, August 20, said that ADP and GMR have no overlapping businesses in airport operations in the Philippines, as the former has "no active presence" in the country.

"The markets of the award of airport operation and management concession, and provision of technical services, are likely global in scope with enough market players to pose competitive restraint on the merged entity," the PCC said.

The proposed transaction would involve a 24.99% indirect stake purchase in GMR, plus another 24.01% direct acquisition of the firm.

Post-transaction, Bangalore-based GMR Infrastructure Limited, the parent company, will retain control over the merged entity, keeping a 51% stake. Bloomberg reported in February that the transaction amounts to about $1.5 billion.

GMR owns and operates the Delhi and Hyderabad international airports in India. It is also currently developing Goa International Airport in India and the Crete International Airport in Greece.
ADP, formerly AĆ©roports de Paris, manages Parisian airports Charles de Gaulle, Orly, and Le Bourget.
20/08/20 Aika Rey/Rappler
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