Business
Blackstone acquires a 22 percent stake in British airport operator AGS – £235 million deal targets travel sector boom
Blackstone invests 235 million pounds in AGS Airports as a bet on growing global travel.
Blackstone invests 235 million pounds in airport operator AGS Airports, acquiring 22 percent of the shares from the previous sole owner PSP Investments. The Canadian pension fund had only taken over AGS in 2023 from Ferrovial and Macquarie – with a total valuation of around 1.5 billion pounds, including 900 million pounds in equity.
The investment is made through PSP's infrastructure subsidiary AviAlliance, based in Germany, which, in addition to AGS, also holds stakes in airports in Athens, Düsseldorf, Hamburg, and San Juan (Puerto Rico). AviAlliance remains the majority owner of AGS with 78 percent.
With the three locations Aberdeen, Glasgow, and Southampton, AGS counted more than 11 million passengers last year. According to Blackstone, the company has one of the most diverse airline structures in the United Kingdom. CEO Greg Blank referred to ongoing investments in new long-haul connections and capacity expansions for wide-body aircraft.
For Blackstone, the investment is another step to strengthen its global infrastructure portfolio. The division's previous commitments include the Italian toll road operator Mundys, the private jet service provider Signature Aviation, and the airport operator Aeroporti di Roma with the Fiumicino and Ciampino locations.
Transport infrastructure remains a central theme of our investment strategy, driven by the continued strong growth in the global leisure travel segment," said Blank. The Canadian partner PSP also emphasized that both investors "bring long-term oriented capital" to jointly drive AGS's growth.
The transaction is part of an increasing capital mobilization for British transport infrastructure. Other major airports like Heathrow or Gatwick are also in the hands of private investors. Last year, Ferrovial sold most of its Heathrow stake to Ardian and the Saudi sovereign wealth fund.
The recent power outage at Heathrow, caused by a fire in a nearby substation, revealed weaknesses in the resilience of British infrastructure – and sparked new discussions about investment needs.
