Birmingham International Airport (UK) have announced the preferred bidder for the acquisition of shares in the airport.
Sale of Aer Rianta and Macquarie Shares in BIA
Birmingham International Airport (BIA) today welcomed the announcement of a preferred bidder for the 48.25% of shares in the company offered for sale by Aer Rianta International and Macquarie Airports Group.
The preferred bidder - the Airport Group Investments Limited, a limited company owned by the Ontario Teachers’ Pension Plan and Victorian Funds Management Corporation – made an unconditional offer of £420m for the 48.25% joint holding. Aer Rianta and Macquarie have accepted the offer. Airport Group Investments Limited will now open discussions with the seven West Midlands Districts who retain pre-emption rights.
BIA also acknowledged the continuing commitment of the seven West Midland District Councils, the Airport’s main shareholders, to ensure that BIA continues to play a fundamental role in the economic success of the Region.
Back in 1996 there were just 5.4 million passengers travelling through BIA – compared with 9.3 million in 2006. Such tremendous growth has only been achieved with the support of the shareholders working in partnership enabling BIA to provide the additional capacity and facilities demanded by the region.
The Airport Group Investments Limited has already committed to progressing the runway extension which will create global links that will further develop the region’s competitiveness on the World stage.
BIA’s Acting Managing Director, Joe Kelly, said: “Under the current public/private partnership shareholding arrangements, Birmingham International Airport has grown and developed tremendously over the last ten years. The Airport now supports some 11,000 jobs and directly contributes over £220m per annum to the Midlands economy. The Airport plays a pivotal role in providing international connectivity vital to supporting and developing other businesses and inward investment into the wider Midlands region. All this continues to be achieved in a sustainable manner, with some of the strictest environmental policies of any airport in the UK.”
The sooner this acquistion goes through the better, for BIA. I hope it'll spur on the runway extension too.