Budapest Airport: VINCI acquire 20% shareholding

A subsidiary of VINCI Concessions, VINCI Airports, and Corvinus, an investment fund fully owned and managed by the Hungarian state, have jointly signed the acquisition of Budapest Liszt Ferenc International Airport’s concessionaire, from a consortium of sellers composed of AviAlliance, Malton and CDPQ.

The 100% transaction value is €3.1 billion (equity value), as well as net debt of €1.2 billion. The EBITDA 2023 was €211 million. Corvinus and VINCI Airports purchased Budapest Airport on a pro-rata basis, rolling over the existing debt of the company. The residual term of the concession is over fifty-five years – expiring in 2080.

Corvinus will own 80% of the concessionaire on completion of the transaction; the remaining 20% will belong to VINCI Airports.

Gerhard Schroeder, Managing Director of AviAlliance, until recently the biggest shareholder in Budapest Airport, said: “Since our initial investment in 2007, Budapest Airport has grown significantly. Together with our co-shareholders, we have invested a total of more than 700 million EUR in the expansion and development of the airport. Thanks to this and to the dedication of its excellent management team and employees, the airport has been internationally recognised for its high-quality passenger service. We are convinced that our investments and development plans provide a solid foundation for continued success under the new ownership.”

Hungary’s capital, Budapest, is the country’s key entry point for air mobility; its airport handles 96% of the country’s air traffic.

In 2023, traffic reached 90% of its pre-sanitary crisis level, while in the first four months of 2024 it exceeded 2019 traffic by more than 8% and 2023 traffic by 19%. The airport also has a positive outlook for the future, particularly in view of the development of tourism in the country.

As the platform operator, VINCI Airports will manage the platform and deploy its model, which aims to improve the customer experience and support traffic growth through appropriate investment.

An ambitious action plan will also be rolled out to achieve net zero emissions by 2030.

Through this acquisition, VINCI Airports, which has operations in Portugal, the United Kingdom, France and Serbia, is reinforcing its network in Europe, which now covers 26 platforms handling nearly 154 million passengers in 2023.