Groupe ADP enters the scene as GMR Airports Limited, with its partner Megawide Construction Corporation, bags the rehabilitation project for the Ninoy Aquino International Airport
The Philippine Competition Commission (PCC) gave French airport operator Groupe ADP the go signal to buy 49% of India-based GMR Airports Limited.
The antitrust body on Thursday, August 20, said that ADP and GMR have no overlapping businesses in airport operations in the Philippines, as the former has "no active presence" in the country.
"The markets of the award of airport operation and management concession, and provision of technical services, are likely global in scope with enough market players to pose competitive restraint on the merged entity," the PCC said.
The proposed transaction would involve a 24.99% indirect stake purchase in GMR, plus another 24.01% direct acquisition of the firm.
Post-transaction, Bangalore-based GMR Infrastructure Limited, the parent company, will retain control over the merged entity, keeping a 51% stake. Bloomberg reported in February that the transaction amounts to about $1.5 billion.
GMR owns and operates the Delhi and Hyderabad international airports in India. It is also currently developing Goa International Airport in India and the Crete International Airport in Greece.
ADP, formerly Aéroports de Paris, manages Parisian airports Charles de Gaulle, Orly, and Le Bourget.
What it means for PH
ADP enters the scene as GMR, with its partner Megawide Construction Corporation, bagged the rehabilitation project for the Ninoy Aquino International Airport (NAIA).
Megawide-GMR recently took over the unsolicited proposal for NAIA, after government negotiations with the NAIA Consortium, composed of the country's top conglomerates, collapsed. Megawide-GMR's proposal for NAIA involves rehabilitation, operation, and maintenance of the country's main gateway.
GMR sealed its foothold in the airport industry in the Philippines when it partnered with Megawide for key airport projects – the Mactan-Cebu International Airport and a new terminal at the Clark International Airport.
ADP, meanwhile, had previous engagements in the Philippines. It designed NAIA Terminal 2 and was part of the group that designed the San Miguel-backed New Manila International Airport project in Bulacan.
ADP had also partnered with Manny Pangilinan-led Metro Pacific Investments Corporation for regional airports, but eventually backed out as it set its eyes on larger airports. – Rappler.com
https://rappler.com/business/french-airport-operator-gets-philippine-competition-commission-approval-buy-stake-gmr
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