By Pierre Bertrand
Aeroports de Paris on Sunday said that it agreed with GMR Airports Infrastructure Ltd. to form an airport holding company listed on the Indian stock exchanges by the first half of 2024.
The boards of both companies agreed the new holding company would be created from the merger of GMR Airports Infrastructure Ltd. with GMR Airports Ltd., the French airport operator said.
Aeroports de Paris said it will hold a 45.7% economic interest in the new company, subject to shareholder and regulatory approvals.
The French airport operator said that it and GMR Airports Infrastructure are co-shareholders in GMR Airports Ltd. Aeroports de Paris currently holds a 49% stake in GMR Airports Ltd., while GMR Airports Infrastructure holds a 51% stake.
The deal will lead to a cash expense of 62 million euros ($66.1 million) before completion, ADP said, adding it’s net income will have a non-cash hit of EUR100 million after the deal is completed.
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