Joint Venture

French partner for Turkish corporate giant

Atatürk Airport , DHA

A 38 percent interest in TAV Airport Holding, which operates 10 Turkish airports including Istanbul’s Atatürk Airport, was purchased by the French company Aéroports de Paris Management for a total of $874 million.

Aéroports de Paris Management bought 18 percent of TAV’s total shares from each of Tepe İnşaat and Akfen, paying  414 million dollars for each block of shares. The company also purchased another two percent of TAV’s shares from the portfolio of Sera Yapı for $46 million, for a total of 38 percent of TAV held by the French company.

Aéroports de Paris will present 3 nominees for TAV’s board of directors, but the chairman will remain the same.

Another French company, Vinci, had also made an offer, but the company did not raise its bid last week, due to a disagreement about sharing chairs on TAV’s board of directors, Reuters reported.

March/12/2012