Groupe ADP has signed an agreement with GMR Airports, the Indian airport operator, for the acquisition of the majority share.
Groupe ADP now holds 24.99% of GMR Airports and joins the board of directors and has highly extended governance rights from today. The acquisition is to be performed in two phases. The first phase for the acquisition will be of a 24.99% stake, and a second phase, subject to certain regulatory conditions, for 24.01%, which should occur in the upcoming months.
Once the second phase complete, GMR Airports will be jointly owned with GMR Infrastructure Limited, the listed entity of GMR Group, which will keep a 51% stake and retain control over the company.