Blackstone is acquiring a 22% stake in AGS Airports, the operator of Aberdeen, Glasgow and Southampton airports, from AviAlliance for £235m (€282m).

Airport investor and manager AviAlliance, owned by Public Sector Pension Investments (PSP Investments) will retain its 78% majority stake in AGS.

Greg Blank, CEO of Blackstone infrastructure strategies, said: “Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel.

“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 UK.”

Sandiren Curthan, managing director and global head of infrastructure investments, PSP Investments, said: “We are pleased to bring Blackstone as a minority shareholder in AGS.

“Both PSP and Blackstone are like-minded investors with long-term patient capital to support the development of AGS, which will benefit from the operational expertise of AviAlliance.”

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.”

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