Eight Advisory supported VINCI Airports on its investment in the concession company of Budapest International Airport

Eight Advisory has advised VINCI Airports, a subsidiary of VINCI Concessions, in its joint acquisition with Corvinus, an investment fund 100% owned by the Hungarian State, of the Budapest Liszt Ferenc International Airport concession company from a consortium comprising AviAlliance, Malton and CDPQ.

The 100% transaction amounts to 3.1 billion euros, plus net debt of 1.2 billion euros. VINCI Airports and Corvinus purchased Budapest Airport on a pro rata basis and maintained the company’s existing debt. VINCI Airports also becomes the operator of the Budapest airport hub. On completion of the transaction, Corvinus will own 80% of the concession company and VINCI Airports 20%.

With a traffic of 16 million passengers in 2019, Budapest airport is one of the main airports in Central Europe.  The residual term of the concession is over 55 years.

Eight Advisory assisted VINCI Airports in building the airport’s operating and financial model, studying the regulatory framework and analyzing existing and future financing. VINCI Airports was also able to use the model to assess the value of the asset.

Eight Advisory participants in this transaction:

• Erwann Huon de Kermadec (Partner) and Jean-Eden Domingo (Senior Manager)

Erwann Huon de Kermadec, Partner at Eight Advisory, comments: “We are delighted to have accompanied VINCI Airports in this major transaction for the Group, which will enable it to strengthen its position in Europe and contribute to the development of Hungary’s transport infrastructure. VINCI Airports’ expertise will also enable airport users to benefit from improved quality of service.”