London Gatwick co-owner strikes £1.27bn deal for majority stake in Edinburgh Airport

A majority stake in Edinburgh Airport has been acquired by French infrastructure group Vinci for £1.27bn, it has been confirmed.

The group has agreed to snap up 50.01 per cent of Edinburgh Airport Limited with the remaining 49.99 per cent to be held by Global Infrastructure Partners, which has owned the airport since 2012.

The deal, which is expected to be completed during the summer, comes after Vinvi bought a majority stake in London Gatwick Airport in 2019.

Edinburgh Airport reported a total revenue of £272m and an EBITDA margin of 65 per cent in 2023.

Vinci said it planned to open new routes from Edinburgh Airport and make “additional investments”.

The group added that the airport’s “highly experienced management team” will continue to lead the company.

“A new exciting chapter” for Edinburgh Airport

Gordon Dewar, chief executive of Edinburgh Airport, said: “We welcome and look forward to working with VINCI Airports and Global Infrastructure Partners, two of the world’s most respected airport investors and operators.

“The leadership team – which remains in place – is wholly committed to working with our investors to improve customer service, accelerate our decarbonisation plans and strengthen Scotland’s connectivity with the world, which ultimately drives the country’s international competitiveness and prosperity.”

He added: “I should thank the whole team at Edinburgh Airport for the contribution they have made to our success over the last 12 years since GIP acquired the airport and look forward to working with them to write a new, exciting chapter in the airport’s story.”

As well as London Gatwick, Vinci also has a majority stake in Belfast International, which it acquired in 2018. It also has a portfolio of more than 70 airports across the world.

With 14.4 million passengers in 2023, Edinburgh Airpot was the busiest in Scotland last year and the sixth in the UK.

Sir John Elvidge, chairman of Edinburgh Airport, added: “We are pleased to welcome VINCI Airports to Scotland and recognise that this is a significant vote of confidence in Scotland, and the future of its capital city airport.”

“Long term strategic ambition”

Edinburgh Airport supports 28,000 jobs in Scotland and contributes £1.4bn a year to the Scottish economy.

Working with 35 airlines, the airport connects Scotland to 155 destinations in the UK and around the world.

Nicolas Notebaert, chief executive of VINCI Concessions and President of VINCI Airports, said: “We are delighted to announce the expansion of our successful and strategic partnership with GIP to include Edinburgh Airport. 

“Together with GIP, VINCI Airports will continue the strategy of growing connectivity and developing commercial activities, whilst also leveraging VINCI Airport’s international expertise to accelerate decarbonization and continually improving customer experience. 

“This acquisition of a third freehold airport in the UK, in addition to London Gatwick and Belfast International, demonstrates VINCI Airports’ long term strategic ambition and continued commitment to the country.”