IFM GIF announces the publication of the partial offer for approximately 9.99% in Flughafen Wien AG
The offer price is EUR 33.00 per share; The offer can be accepted from 11 August 2022 until 6 October 2022
Airports Group Europe S.à r.l. ("Airports Group Europe"), an indirect subsidiary of IFM Global Infrastructure Fund ("IFM GIF"), has today published a partial offer pursuant to sections §§ 4 et seq of the Austrian Takeover Act (Übernahmegesetz) for the acquisition of up to approximately 9.99% of all shares of Flughafen Wien AG (ISIN AT00000VIE62).
The offer price of EUR 33.00 per share corresponds to a premium of 25.5% compared to the closing price on the last trading day prior to the Airports Group Europe's announcement on 13 June 2022 and a premium of 21.3% compared to the volume weighted average price (VWAP) of the last six months prior to that announcement.
Based on public statements made on behalf of the City of Vienna, the State of Lower Austria and the Employee Foundation not to tender any of their shares into Airports Group Europe's public offer, Airports Group Europe expects that the offer will only be accepted by free float shareholders. The offer remains subject to applicable regulatory approvals.
Quotes attributable to IFM Investors Executive Director Infrastructure, Werner Kerschl:
"We welcome the decision by the Takeover Commission not to prohibit the publication of our public offer to increase our stake in Flughafen Wien.”
“We believe the offer price represents an attractive premium for shareholders, considering the continued high levels of uncertainty for the aviation industry.”
“We also believe that the offer is a liquidity event for shareholders to tender their shares in an otherwise relatively illiquid stock at an attractive price.”
“As an existing shareholder in Flughafen Wien for more than seven years, and a long-term investor on behalf of pension funds and institutional investors, we continue to recognize Austria as an attractive place to invest.”
“We remain committed to working with all stakeholders of Flughafen Wien and supporting Management in the interests of local communities, passengers, airline customers, employees and the broader economy.”
Further details of the offer
This offer can be accepted by interested shareholders of Flughafen Wien AG during the acceptance period, from 11 August 2022 until and including 6 October 2022, 17:00 (Vienna time), which corresponds to an acceptance period of 8 weeks.
To the extent all required regulatory approvals are satisfied, shareholders who have accepted the offer will receive the purchase price within 10 trading days after the end of the acceptance period, i.e. until 20 October 2022 at the latest.
A dedicated website (www.Vienna-Airport-Share-Offer.at) has been set up for the offer, where shareholders can find the offer document and other information about the offer, Airports Group Europe, IFM GIF and IFM Investors. The offer document can also be found on the Flughafen Wien AG website (www.viennaairport.com) and the Takeover Commission website (www.takeover.at).
The offer document is also available free of charge as a printed document at the corporate seat of UniCredit Bank Austria AG, acting as the receiving and payment agent, Rothschildplatz 1, 1020 Vienna, during normal office hours.
The offer can be accepted in Austria, the United States of America and by Relevant Persons (as defined in the offer) in the United Kingdom.
IFM GIF is advised by IFM Investors, a global infrastructure specialist owned by Australian pension funds. IFM Investors invests on behalf of more than 600 institutional investors, incorporating the retirement savings of 120 million working people globally, including nurses, teachers, construction workers and hospitality staff.
Nomura is acting as financial advisor while E+H Rechtsanwälte GmbH is acting as Austrian legal advisor to Airports Group Europe.
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About Airports Group Europe
Airports Group Europe is a limited liability company registered in Luxembourg under B 167449.
About IFM GIF
IFM Global Infrastructure Fund (“IFM GIF”) is an independently managed open-ended global infrastructure investment fund.
IFM GIF’s investors include a diverse range of pension funds and institutional investors across the UK, Europe, Australia, the US, Canada and Asia. IFM GIF has a 17-year track record investing in assets around the world with 20 current portfolio investments spanning airports, seaports and toll roads, as well as energy, water and telecommunication assets (as at 31 March 2022).
IFM GIF’s airport experience includes investments in Flughafen Wien Group (Vienna, Malta and Košice airports), Manchester Airports Group (Manchester, London Stansted and East Midlands airports) and Sydney Airport.
IFM GIF is advised by IFM Investors Pty Limited ("IFM Investors").
About IFM Investors
IFM Investors was established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organisation has €122 billion under management as at 31 March 2022.
IFM Investors is one of the largest global infrastructure investment managers with more than €58 billion (as at 31 March 2022) invested across a range of infrastructure assets. IFM Investors has significant experience in working alongside municipalities and public entities, and has been involved, as manager or advisor, in investments across 17 different airports.
As a signatory to The United Nations-supported Principles for Responsible Investment, funds managed or advised by IFM Investors actively engage on ESG issues with the companies in which they invest with the aim of enhancing their net performance while minimising investment risk.
Operating globally from offices in Melbourne, Sydney, London, Berlin, Zurich, Amsterdam, New York, Hong Kong, Seoul and Tokyo, IFM Investors manages investments across infrastructure, debt, listed equities and private equity assets. For more information, visit www.ifminvestors.com.