Budapest airport’s owners have agreed to sell the Hungarian capital hub to a consortium which includes the state-owned firm Corvinus and French partner Vinci Airports.
Corvinus will hold 80% of the airport with Vinci picking up the 20% balance. Vinci values the transaction at €3.1 billion ($3.4 billion) plus net debt of €1.2 billion.
Budapest airport has been primarily owned by AviAlliance, a subsidiary of PSP Investments, which also has airport interests in Athens, Hamburg, Dusseldorf and San Juan.
AviAlliance managing director Gerhard Schroeder says the company and its co-shareholders in Budapest airport – Canada’s CDPQ and Singapore’s GIC, through its Malton arm – have invested over €700 million in its development since 2007.
“We are convinced that our investments and development plans provide a solid foundation for continued success under the new ownership,” he adds.
Passenger numbers roughly doubled to 16.2 million in the decade to 2019, and the figure this year is forecast to exceed pre-pandemic levels.
AviAlliance points out that it has invested over €200 million in the airport since 2020.
The Corvinus-Vinci consortium will take over a concession set to expire in 2080, giving a residual term of some 55 years.
Vinci says the consortium partners have “jointly signed and closed the acquisition”.
“As the platform operator, Vinci Airports will manage the platform and deploy its model, which aims to improve the customer experience and support traffic growth through appropriate investment,” it adds.
Vinci says its “ambitious” plans will also aim to achieve net-zero emissions by 2030.
Budapest handled 14.7 million passengers last year and generated a net profit of €74 million on revenues of €338 million.
Its operator disclosed last month that it had recovered, following the “very tough” years of 2020-21, reducing losses accumulated during the pandemic to €47 million.
