Aeroports de Paris (ADP) has purchased a 38% stake in TAV, the Turkish airports operator, with an aim to expand in Russia, Central Asia and the Middle East. The TAV stake cost ADP some $874m. ADP said it expected a double-digit return from the transaction and disclosed that it had also agreed to buy a 49% stake in TAV’s construction unit for $49m. The deal is scheduled to be finalised by July 1.
ADP still has its eyes on Russian expansion, Indian and Chinese expansion and is close to a deal in Saudi Arabia. TAV was advised by Credit Suisse, Pekin & Bayar and Ertekin Law Office, while Aéroports de Paris was advised by JPMorgan, Hogan Lovells and Pekin & Pekin.