BAA acquisition of Budapest Airport

18 December 2005

BAA plc, the world’s leading airport company, has signed a definitive agreement to acquire Budapest Airport for total cash consideration of £1.255 billion. The acquisition includes:

• 75%, minus 1 share, of Budapest Airport Rt;
• 100% of the 75-year asset management contract for Budapest Airport; and
• the associated moveable assets

This gives BAA full operational and strategic control regarding the future development of the Airport. The transaction is expected to be completed by 23 December 2005 and does not require the approval of BAA shareholders or competition authorities.

Mike Clasper, Chief Executive Officer, BAA, commented:
“I am delighted that BAA has been successful in its bid for Budapest Airport. In my view and that of the Board, the Airport has great potential and we will be able to deliver significant value for BAA investors as a result of this transaction. Budapest plays to all BAA’s strongest attributes – it is a growing airport where our development, retail and property skills can all contribute. For us it is a perfect fit.

“Budapest is right in line with our international strategy, and we have won it at a fair price, reflecting the true value to BAA of the assets involved, rather than any wider strategic benefits. We have done our homework thoroughly and we have a management team standing by and ready to go.”

The following information relating to this transaction is available:
Announcement of the acquisition - English
Announcement of the acquisition - Hungarian (Magyar)
Completion annoucement
Watch an interview with Mike Clasper (Chief Executive Officer, BAA)
Watch an interview with Chris Woodruff   (Operations Director, BAA International)
Conference call for overseas institutional investors and analysts (debt & equity)

Presentation for institutional investor and analysts (debt & equity)
BAA is holding a presentation on Monday 19 December 2005 for institutional investors and analysts at 09:00(GMT). The presentation will be hosted by BAA’s Chief Executive Officer, Mike Clasper, and BAA’s Chief Financial Officer, Margaret Ewing, and will be webcast live:

Watch the webcast presentation

and there will be an on-demand version available later on Monday afternoon.

Download presentation slides (1,574KB PDF)
Download appendix slides to the presentation (2,250KB  PDF)
Download the transcript of the presentation (Available shortly)
 
Conference call for overseas institutional investors and analysts (debt & equity)
BAA held a conference call on Monday 19 December at 15:00 (GMT) for those investors and analysts who were unable to attend the presentations with BAA’s Chief Executive Officer, Mike Clasper, and BAA’s Chief Financial Officer, Margaret Ewing.

Download transcription of conference call (26KB PDF)