US-based alternative asset manager Blackstone has agreed to acquire a 22% stake in UK airport operator AGS Airports from AviAlliance for £235m ($303.5m).
AviAlliance will retain a majority 78% stake in AGS following the transaction. This move ensures continuity in management and operational expertise within the company.
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In November 2024, AviAlliance announced the acquisition of AGS Airports from Ferrovial and Macquarie for £1.53bn ($1.95bn).
AviAlliance is the fully-owned airport platform of the Public Sector Pension Investment Board (PSP Investments), which is one of Canada’s largest pension investors.
The partnership between Blackstone, AviAlliance, and PSP Investments will focus on expanding and developing AGS’s airport facilities, aiming to improve passenger travel experiences and support the growth of the UK’s travel sector.
AGS, which handles more than 11 million passengers annually, operates three airports, including Glasgow and Aberdeen in Scotland, and Southampton in England.
AviAlliance managing director Gerhard Schroeder said: “We look forward to developing a constructive and long-term partnership with Blackstone for the benefit of AGS, its management and employees, as well as all other stakeholders at the three airports.”
Blackstone Infrastructure’s investment in AGS aligns with its strategy to support key transportation infrastructure assets.
The firm has previously invested in projects such as Mundys, the largest toll road platform, and Signature Aviation, a major network of private aviation terminals.
Blackstone also manages European assets, including ASPI, the largest toll road operator in Europe, as well as the airports Roma Fiumicino and Ciampino.
Blackstone Infrastructure Strategies CEO Greg Blank 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 UK airport, and the company’s recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth.”
