The Task
Our team acted as technical advisors on all commercial business lines for the Portuguese Government’s privatisation of ANA Aeroportos de Portugal, the operator of nine Portuguese airports, through a 50-year concession. We collaborated with Credit Suisse and LeighFisher, who developed a sell-side evaluation, prepared the information memorandum, and provided support during the bidding procedure.
Our Approach
Our approach involved conducting an in-depth review of all non-aviation businesses for the nine airports. We held meetings with management, analysed the economic performance, and scrutinised the key contracts. The output was a detailed information memorandum featuring all relevant data for all businesses.
Additionally, we prepared a comprehensive commercial revenue forecast by airport, consisting of each business line, to serve as the base case. We identified substantial upside opportunities, downside risks, and associated enabling or mitigating strategies.
Our team was also engaged in final meetings with short-listed bidders to discuss findings and forecasts.
The Result
Our team’s deep analysis and keen insights enabled the Portuguese Government to decide on the economic value of ANA Aeroportos de Portugal and identify a reliable bidder for the concession with an advantageous outcome. VINCI Airports won the concession, offering an EBITDA multiple of 16x.