Fairfax India Completes Acquisition of an Additional 7% Interest in Bangalore International Airport Limited
December 12 2023 - 5:02PM
Fairfax India Holdings Corporation (“Fairfax India” or the
“Company”) (TSX: FIH.U) announces that it has completed the second
closing of its acquisition of an additional equity interest in
Bangalore International Airport Limited (“BIAL”) from Siemens
Project Ventures GmbH, part of Siemens Financial Services (“SFS”).
In connection with the second closing, Fairfax
India, through its wholly-owned subsidiary, acquired an additional
7% equity interest in BIAL for consideration of $175 million. As
previously announced, in the initial transaction, Fairfax India,
through its wholly-owned subsidiary, acquired an additional 3%
equity interest in BIAL from SFS for consideration of $75 million.
Following completion of the second closing, Fairfax India’s
aggregate share ownership in BIAL has increased to 64% (20.4% held
by its wholly-owned subsidiary and 43.6% held by its indirect
subsidiary, Anchorage Infrastructure Investments Holdings Limited)
from 54% last year.
BIAL is a private company located in Bengaluru,
India. BIAL, under a concession agreement with the Government of
India until the year 2068, has the exclusive rights to carry out
the development, design, financing, construction, commissioning,
maintenance, operation and management of the Kempegowda
International Airport Bengaluru (“KIAB”) through a public-private
partnership. KIAB is the first greenfield airport in India built
through a public-private partnership.
About Fairfax India
Fairfax India is an investment holding company
whose objective is to achieve long-term capital appreciation, while
preserving capital, by investing in public and private equity
securities and debt instruments in India and Indian businesses or
other businesses with customers, suppliers or business primarily
conducted in, or dependent on, India.
For further
information, contact: |
John Varnell,
Vice President, Corporate Affairs |
|
(416) 367-4755 |
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