American private equity firm Blackstone has acquired a 22% stake in airport operator AGS for £235m.
Following the agreement, AviAlliance will retain a majority 78% stake in the group, which runs Aberdeen, Glasgow and Southampton airports.
AGS was acquired last year by Canadian pension fund PSP, following a £1.5bn deal with Spanish infrastructure giant Ferrovial and Australian investor Macquarie. PSP runs AGS through its German group AviAlliance.
The company's airports see around 11m passengers per year, with the sector viewed as a prime investment opportunity after a sharp rise in demand for air travel in Europe since the pandemic.
Investor interest in the º£½ÇÊÓƵ's aviation sector has grown significantly recently, with Saudi Arabia's sovereign wealth fund buying a majority stake in Heathrow last year, as reported by .
Meanwhile, Canadian pension fund OTPP put London City Airport on the market in November.
Greg Blank, chief executive of Blackstone Infrastructure Strategies, said: "Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel.
"AGS has access to one of the most diversified airline mixes of any major º£½ÇÊÓƵ airport, and the company's recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth. We look forward to partnering with AGS to support this important growth in the United Kingdom."
Sandiren Curthan, managing director of PSP Investments, expressed contentment with the new partnership: "We are pleased to bring Blackstone as a minority shareholder in AGS."
He added: "Both PSP and Blackstone are like-minded investors with long-term patient capital to support the development of AGS, which will benefit from the operational expertise of AviAlliance."
