French airport operator ADP announced on Thursday that it has reached an agreement with India's GMR Group to sell up to 7.3% of its stake in GMR Airports Ltd. The transaction is expected to generate approximately €924 million in cash proceeds, equivalent to $1.05 billion.
The sale will be executed in stages. According to the announcement, ADP has already completed the divestment of a 3.4% stake, generating €256 million. The agreement also includes an option arrangement, granting ADP the right to sell the remaining 3.9% stake to the GMR Group by April 2027, with an estimated value of around €285 million.
ADP stated that the cash proceeds from this divestment will be used to reduce the company's short-term debt and to return capital to shareholders. The board of directors has proposed a special dividend of €0.80 per share to be distributed in 2026.
Notably, despite reducing its shareholding, ADP emphasized that the transaction will preserve its governance rights and "promoter" status within the GMR Group. The company described the move as part of its strategy to unlock value from its international assets.
Additionally, the agreement stipulates that the GMR Group will conduct an early repurchase of convertible bonds held by ADP, with a nominal value of €301 million. This repurchase is to be completed no later than March 31, 2027.
Analysts noted that ADP's divestment comes at a time when global airport asset valuations are high. The move is seen as helping ADP optimize its asset portfolio, while the GMR Group strengthens its control over its airport assets.
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