PMV, the Flemish investment company, acquires additional stake in Brussels Airport Company
Today, PMV, the Flemish investment company reached an agreement with the Canadian pension fund Ontario Teachers’ Pension Plan (OTPP) to acquire its indirect stake in Brussels Airport Company. PMV's acquisition confirms the attractiveness of Brussels Airport Company for a public investment company with a long-term vision. This transaction does not result in a change in direct shareholding and has no impact on the execution of the airport’s strategy.
The Canadian pension fund Ontario Teachers' Pension Plan (OTPP) and the Flemish investment company PMV have concluded an agreement for the acquisition of OTPP's indirect interest in Brussels Airport Company. PMV acquires an economic stake of 39% in Brussels Airport.
This transaction does not result in a change in the direct shareholding of Brussels Airport Company and the execution of the strategy of the airport. PMV's decision to become a long-term shareholder fits within Flanders' vision of airports as critical infrastructure. For Ontario Teachers’, this transfer marks the end of a successful chapter.
"I would like to sincerely thank OTPP for the good collaboration over the past 14 years, in which they have actively supported the further sustainable development of our airport. We were also able to count on their unconditional support during the various crises we have experienced. We are happy to welcome PMV as our new indirect shareholder. An investment company with a long-term vision such as PMV is a perfect fit for an infrastructure company like Brussels Airport and the role we play as the second most important economic driver in Flanders and Belgium," says Arnaud Feist, CEO of Brussels Airport.
“We are delighted to have played a role in Brussels Airport’s success and growth for over 14 years, as it has sought to drive passenger connectivity, develop as a cargo hub and continue its contribution to the Belgian economy. We would like to thank the management team and airport staff for their hard work and dedication over the past decade and a half, not least during the Covid-19 pandemic. In particular, we would like to acknowledge their exceptional commitment and bravery in responding to the tragic events in 2016, and for everything they have done to help Brussels Airport rebuild and recover. We are confident that the airport will continue its important role of connecting Belgium to the world and driving economic growth across the country and Europe. We would like to thank PMV for their collaboration and we look forward to seeing BRU continue to flourish in the future.” says Charles Thomazi, Senior Managing Director and Head of Infrastructure in EMEA at Ontario Teachers.
"We want to be in the cockpit when it comes to the future of our airport. If we don't decide, someone else will do it for us. This is a strategically sound and market-based investment that stands up to international comparison with similar acquisitions, such as the Danish government's purchase of shares in Copenhagen Airport. We are buying shares in a profitable and economically important infrastructure in Flanders. This gives us access to dividends and structural influence. It is therefore an investment that will pay for itself in the long term," says Matthias Diependaele, Minister-President of Flanders.
The transaction is subject to the necessary regulatory clearances.
