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Meinl Airports International Ltd. (MAI) will
acquire a strategic stake of initially 10.1% in one of the world’s
leading airports operators, the Turkish based TAV Havalimanlari Holding
A.S. (TAV). The participation is underlined by a seat in TAV’s board.
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TAV has the right to operate 7 airports in the
region, including Istanbul’s Atatürk Airport, one of Europe’s
largest airports. TAV handles a total of more than 30 million
passengers annually and total revenues in 2006 exceeded EUR 400
million. MAI is initially investing a total of around EUR 190
million, and taking the next decisive step in its expansion. |
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TAV’s President and CEO, Dr. M. Sani Sener welcomes
the investment by MAI: “We are extremely pleased to have a strategic
partner as Meinl Airports, with acknowledged international airports'
expertise. With one airport in Russia and plans for massive expansion in
Eastern Europe, Meinl Airports is a partner of significant strategic
importance, particularly in the light of TAV's planned future growth in
the region. We are in a position to make the best possible use of the
available synergies.”
MAI will buy 10.1% of TAV, with a possibility to acquire a further 4%
- further increase intended
MAI’s participation in TAV is initially 10.1%, with
a total investment of approximately EUR 190 million. MAI gets also a
possibility to acquire a further 4% in TAV. Roman Himmler, Chairman of
Meinl Airport Managers Ltd: “The stake in TAV is a major step for the
future development of MAI. In a single move, we get access to 7 airports
in our target region Central and Eastern Europe and other aviation
growth markets. We can envisage accumulating a larger strategic position
in TAV further. Through the strategic cooperation agreement with TAV,
MAI is acting as a strategic investor, takes initially one seat on TAV’s
board and will thereby influence the strategic decisions in TAV.” MAI
and TAV also are open to realise new projects jointly as co-developers
and co-investors in the future.
Istanbul’s Atatürk Airport – TAV’s flagship, with 21 million passengers
in 2006
TAV’s flagship airport – and now MAI’s as well – is Istanbul’s Atatürk
Airport. In 2006 it handled 21 million passengers, making Atatürk one of
Europe’s busiest airports. Double-digit passenger growth is expected in
coming years: Deutsche Bank’s equity research report estimated that
passenger numbers would reach 37 million in 2010.
Ankara and Izmir – 2 further major Turkish airports
with strong business growth
TAV is also the operator of two other Turkish
airports – in Ankara (4.5 million passengers in 2006) and Izmir (1.5
million passengers in 2006). Deutsche Bank also predicts strong dynamic
passenger growth for these airports in the coming years.
Tunisia and Georgia – markets of the future
In Georgia, TAV owns a 60% stake in the airports of
Tbilisi and Batumi with an operating concession until at least 2027. The
new Tbilisi airport, with a total capacity of 2.8 million passengers per
annum, commenced operations in February 2007. Batumi Airport, with an
annual passenger capacity of 562,500 per annum, started operations at
the end of May 2007.
In 2007 TAV Airports also received the concession for development and
operation of two Tunisian airports, with operating licences for 40 years.
Operations in Monastir are scheduled to begin in 2008, and completion of
Enfidha is planned for 2009. More than 5 million passengers for the two
airports together are expected already in 2009, and in the long term
passenger numbers in excess of ten million are envisaged.
Impressive revenues from non-aviation business
TAV also generates considerable direct revenues
from non-aviation businesses amounting in 2006 to approximately EUR 240
million. The most important contributions come from the 50% stake in ATU,
which operates the duty-free zones in TAV airports. TAV also has a
number of subsidiaries with revenues from ground handling, catering,
security and other airport related services.
Nadine Gilles, Member of the Board of Meinl Airport
Managers, sums up: “MAI has achieved a substantial stake in one of
Europe’s most recognised and biggest airport companies. The fantasy of
this participation lies in the regional coverage in the growth markets
from Russia to Turkey and further on across the Middle East into the
North African rim.”
SAA passengers travelling on Scandinavian Airlines
will be able to connect from the Scandinavian destinations via
Frankfurt, London and Munich. They will then be able to fly on SAA
aircraft to Johannesburg, and Cape Town.
This code share agreement is effective from 10 November. The two
airlines will not have a pre-determined limit on the number of seats
each will be able to sell on the other airline. Both airlines will be
able to accumulate and use their frequent flyer miles.
“We are very pleased with this new partnership as it allows us to grow
our international route network even further by using our European
gateways. With this partnership we add to the travel options of our
customers, as well as to customers flying with SAS,” says Rushj Lehutso,
SAA GM of commercial.
SAA is the only Star Alliance member airline based in Africa and offers
an exclusive product with a truly African travel experience. The Star
Alliance offers more than 16 000 daily flights to 855 destinations in
155 countries.
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