Canadian pension fund PSP Investments has acquired the UK airports operator AGS Airports, which manages Aberdeen, Glasgow, and Southampton airports, for £1.5 billion from Ferrovial and Macquarie.
This deal, expected to close by early next year, reflects a surge in airport acquisitions as travel rebounds from the pandemic.
The AGS purchase, with an enterprise value of £1.5 billion including £900 million in equity, comes shortly after Ferrovial agreed to sell most of its Heathrow stake.
PSP is making this acquisition through AviAlliance, its airport investment group, which currently holds stakes in airports in Athens, Düsseldorf, Hamburg, and San Juan.
With this acquisition, PSP deepens its UK investments, which also include Forth Ports and Angel Trains.