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.
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.
Corporate Communications Flughafen Wien AG
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