France’s airport group ADP said on Thursday it had agreed with India’s GMR Group to sell up to a 7.3% stake in GMR Airports Ltd for an estimated 924 million euros ($1.05 billion) in cash.
The transaction includes an immediate sale of a 3.4% stake for 256 million euros ($299 million)
The deal includes options for ADP to sell a further 3.9% stake by April 2027.
ADP’s board proposed a special dividend of 0.8 euros per share for 2025, the company said.
GMR Group will also buy back convertible bonds held by ADP for 301 million euros plus interest.
ADP said the deal would preserve its governance rights and promoter status in GMR Group.
ADP added that the transaction was part of its strategy to unlock value from international assets.
($1 = 0.8562 euros)
Reuters
