Taylor Wessing advises HOCHTIEF AIRPORT on €1.9bn airport acquisition and related financing
European law firm Taylor Wessing has represented HOCHTIEF AirPort GmbH (HTA), the airport-operating subsidiary of HOCHTIEF AG, in connection with the €1.9 billion acquisition by HTA and its consortium partners from BAA of a majority shareholding in Budapest Airport Zrt., the operator of Budapest International Airport. The same Taylor Wessing team also advised in connection with the project financing arranged for the acquisition vehicle, Airport Hungary Kft.
The HOCHTIEF-led consortium comprised HTA with 49.666% and financial investors Caisse de dépôt et placement du Québec (Montreal) and GIC Special Investments (Singapore), both with 23.167% and KfW IPEX-Bank (Frankfurt) with 4%. It is expected that there will be significant investment in the expansion and modernisation of the airport within the next five years, with the objective being for it to become one of the leading airports in Central and Eastern Europe.
BAA acquired its interest in Budapest Airport in December 2005 and is selling it following its takeover in June 2006 by Spanish consortium ADI Ltd, led by Ferrovial.
Taylor Wessing London-based partners Douglas Bell and Graham Wedlake represented HTA. Deszö & Partners advised HTA on Hungarian law matters. DLA Piper represented the senior lenders and White & Case represented BAA/Ferrovial.
Notes to editors
For more information please contact Claire Treacy at Taylor Wessing:
Tel: +44 (0)20 7300 4925
Email: c.treacy@taylorwessing.com
Taylor Wessing LLP is a leading law firm providing legal support for commercial organisations doing business in Europe. Based in Belgium, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
