Clifford Chance lands Abertis’ £243m sale of Belfast and Stockholm airports

Clifford Chance advised longstanding client Abertis on the sale of Belfast International and Stockholm Stavsta airports to ADC & HAS Airports Worldwide.

The two airports are part of a portfolio owned by TBI, in which Abertis bought a 90 per cent stake in 2004.

The €284m (£243m) sale also includes terminal concessions at Orlando Sanford airport in Florida, and TBI’s airport management business in the US which includes the world’s busiest airport Hartsfield-Jackson Atlanta. Between them, the offloaded businesses were expected to add €78m of revenue to Abertis’ consolidated accounts this year.

Barcelona-based Albertis, which also runs toll roads and provides telecommunications infrastructure, said the move is part of its strategy to continually manage its portfolio. In March, the company sold Cardiff airport to the Welsh government for €61m (£52.6m) also advised by Clifford Chance. 

This latest deal is subject to regulator approval in the US and local authority approval in both Belfast and Stockholm. 

The Clifford Chance team was led by corporate partner Joel Ziff in London, alongside US partners Robert Masella, George Kleinfeld and Ignacio Suarez plus UK senior associates Melanie Howard and Eleanor West. Partner Nick Mace advised on tax, and Imogen Clark on pensions. 

O’Melveny & Myers advised ADC & HAS Airports Worldwide on its acquisition, led jointly by M&A partner Mark Easton and project finance partner Eric Richards in LA, and investment funds counsel Adrian Massey who is based in London.