Vienna Airport Raises Stake In Malta Airport

Vienna Airport has bought SNC-Lavalin's indirect stake in Malta Airport for about EUR€63 million (USD$69 million), betting on the island's attraction as a tourist destination.

The deal will increase the Austrian company's stake in the Maltese operator by 15.5 percentage points to more than 48 percent, Vienna Airport said in a statement.

The purchase price is equivalent to €3.00 per Malta Airport share, it said, a nearly 30 percent discount to Friday's closing price at €4.33.

SNC-Lavalin, an investor in the operator since it was privatised more than 13 years ago, said the sale was in line with its strategy to monetise some of its mature infrastructure concession investments.

Malta Airport handled about 4.6 million passengers in 2015 and posted a profit of EUR€7.29 million in the first half of last year.

The share purchase agreement is subject to closing conditions by both parties.