VINCI sells WFS to LBO France
4 August 2006 - Divestments
VINCI has decided to accept LBO France’s offer of €315 million (enterprise value) for its airport services as the next step in the sale process entered into in the first quarter of 2006.
VINCI’s business in airport services employs 11,000 people and generated revenue of €505 million in 2005. Operations are mainly in Europe and the United States in the airline company services sector.
The sale of these activities is part of the asset disposal programme announced by VINCI at the time of its acquisition of ASF. It will reduce VINCI’s debt by around €300 million.
Following signature of the sale contract on 3 August 2006, closing should take place in September once approval has been received from the various authorities concerned.
VINCI is withdrawing from airport services but continues to consider airport concessions as a strategic activity, as was confirmed by the recent signature of the concession contract for the Sihanoukville airport in Cambodia.
VINCI is a global player in concessions and contracting, employing close to 211,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.