AI Terminal
Malta International Airport Plc
M&A Activity • Apr 1, 2016
2046_rns_2016-04-01_ef093c76-3bab-4c32-8b89-a85889d84c76.pdf
M&A Activity
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COMPANY ANNOUNCEMENT
Malta International Airport plc (the "Company")
Flughafen Wien AG completes acquisition of MMLC shares
Date of Announcement 01 April 2016
Reference 225/2016
In terms of Chapter 5 of the Listing Rules
QUOTE
Reference is made to Company Announcement 220/2016 dated 2nd February 2016 , announcing the execution of a share purchase agreement pursuant to which Flughafen Wien bound itself to acquire SNC-Lavalin Group Inc.'s indirect stake in SNC-Lavalin (Malta) Limited ("SNCL Malta"), subject to the fulfilment of certain closing conditions by both parties.
Flughafen Wien AG has today announced the fulfilment of these conditions and thus the legally valid closing of the share purchase agreement. By virtue of the closing of that agreement Flughafen Wien AG has consolidated its indirect equity stake in MMLC Holdings Malta Limited, a significant shareholder in Malta International Airport plc (MIA).
The total consolidated holding of Flughafen Wien AG in MIA, directly and indirectly, is now in excess of 48% of the total issued share capital of the company.
A copy of the announcement made by Flughafen Wien AG is attached for reference.
UNQUOTE
Signed:
Louis de Gabriele Company Secretary
Ad-hoc information from Flughafen Wien AG on the increase of its holding in Malta Airport
Flughafen Wien AG hereby announces the fulfilment of the closing conditions and thus the legally valid closing of the share purchase agreement to acquire SNC-Lavalin Group Inc.'s indirect stake in MMLC Holdings Malta Limited (formerly, SNC-Lavalin (Malta) Limited, "SNCL Malta"). SNCL Malta has a 38.75% interest in Malta Mediterranean Link Consortium Limited ("MMLC"), which in turn has a 40% interest in Malta International Airport plc ("Malta Airport"). As of today, the total consolidated holding of Flughafen Wien AG in Malta Airport amounts to more than 48%.
The total value of the transaction amounts to approximately € 64 million, equivalent to € 3.00 per Malta Airport share plus adjustments to net working capital.
Before the transaction, Flughafen Wien AG's total direct and indirect holding in Malta Airport equalled 32.94%. By acquiring SNC-Lavalin Group Inc.'s indirect stake in MMLC, Flughafen Wien AG has now increased its total indirect holding in Malta Airport by a further 15.5%. Thus, Flughafen Wien AG's total consolidated holding in Malta Airport reaches more than 48%.
Since the privatisation of Malta Airport in the year 2002, Flughafen Wien AG has held a 57.1% stake in MMLC up until now via its subsidiary VIE (Malta) Limited. MMLC has been responsible for the operating management of Malta Airport up until now, and reported the airport as a subsidiary fully consolidated in its consolidated subgroup financial statements.
Due to the acquisition of the indirect stake held by SNC-Lavalin Group Inc., Flughafen Wien AG's shareholding in MMLC has increased to more than 95%.
The changed recognition of Flughafen Wien Group's strategic investment in MMLC as of the closing positively affects the outlook of the Flughafen Wien Group for the 2016 financial year (before revaluation effects related to the acquisition). EBITDA is now expected to total at least € 310 million instead of at least € 280 million, and the net profit for the period before non-controlling interests is now forecast to rise from at least € 105 million to at least € 115 million. The revaluation of the strategic investment is also likely to lead to a positive change in the equity of the Flughafen Wien Group, which will be reported as a one-off effect in its consolidated income statement too.
Company information:
Malta Airport is operated by Malta International Airport plc, which is registered in Malta. Its shares are listed on the Malta Stock Exchange. 20% of the shares in the company are held by the Government of Malta. The airport handled over 4.6 million passengers in 2015.
Founded in 1911 and listed on the Toronto Stock Exchange, SNC-Lavalin Group Inc. is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure with offices in over 50 countries.
Vienna Airport, Austria's largest airport, handled 22.8 million passengers in 2015. Listed on the Vienna Stock Exchange, the company generated revenues of € 630.2 million in 2014. In addition to its holding in Malta Airport, Vienna Airport also holds 66% of Kosice Airport in Slovakia. The airport site has over 230 companies with 20,000 employees, including approximately 4,400 employees just at Flughafen Wien AG, making it one of the largest employers in Eastern Austria.
Contact:
Corporate Communications Flughafen Wien AG
Peter Kleemann (+43-1-) 7007-23000 Judit Helenyi (+43-1-)7007-23126 Clemens Schleinzer (+43-1-) 7007-22399 Mario Santi (+43-1-) 7007-22826 Stefanie Tomanek (+43-1-) 7007-26939 [email protected] [email protected] [email protected] [email protected] [email protected]