Glasgow and Aberdeen airports operator gains new partial owner in £235 million deal

Funds giant Blackstone has snapped up a minority stake in the owner of Glasgow and Aberdeen airports in a £235 million deal.

Blackstone said its investment, together with AviAlliance and PSP Investments, was intended to support the “continued growth of the travel and tourism industries across the UK”. It has taken a minority stake of 22 per cent in AGS Airports, which is the owner and operator of Glasgow and Aberdeen airports in Scotland and Southampton south of the Border. AviAlliance will remain the majority shareholder.

Greg Blank, chief executive of Blackstone Infrastructure Strategies, said: “Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel.

A general view of Aberdeen International Airport.

“AGS has access to one of the most diversified airline mixes of any major UK airport, and the company’s recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth. We look forward to partnering with AGS to support this important growth in the United Kingdom.”

Gerhard Schroeder, managing director of AviAlliance, said: “We look forward to developing a constructive and long-term partnership with Blackstone for the benefit of AGS, its management and employees, as well as all other stakeholders at the three airports. Together, we will further strengthen the position of AGS in both Scotland and the wider UK.”

Blackstone has more than $1.1 trillion (£850 billion) in assets under management, including global investment strategies focused on property, life sciences, growth equity and hedge funds, while Blackstone Infrastructure has a strong track record of investing in transportation infrastructure.

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