New Zealand-based infrastructure and
utilities investment group Infratil is to take full ownership of Glasgow
Prestwick International Airport in Scotland.
Infratil says in a statement that it
has entered into a conditional purchase agreement to acquire Utilco Investment
Trust’s 5 million shares in the airport’s holding company, Glasgow Prestwick
Holdings, for £11.7 million ($20.7 million).
It has also agreed to acquire
options held by Morrison & Co over 1.34 million of Infratil’s shares in the
airport’s holding company.
Infratil early this week announced
that it had increased its stake in Glasgow Prestwick to 77.3% from 67% through
the purchase of shares held by Scottish investment company Omniport. Omniport
was part of a consortium involving Infratil that bought the airport in January
“Glasgow Prestwick International
Airport is an important asset for Infratil. Moving to 100% ownership will
enable Infratil to have greater control over strategy and costs, to implement
changes to capital structure and to make greater use of the airport’s resources
in pursuing other European airport initiatives,” says Infratil chairman Kevin O’Connor.
Infratil, which also holds a 66%
stake in Wellington International Airport serving New Zealand’s capital city,
says it expects to complete the purchase of the shares it does not already own
in Glasgow Prestwick in March 2004.