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            january 18, 2020

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Top European airport operators are among the bidders for a concession contract in Turkey


European airport operators including Ferrovial SA and Vinci SA are among the bidders for a concession contract in Turkey, according to five people familiar with the situation.
Among other companies and investors that have also submitted non-binding offers to run Dalaman Airport on the country's Mediterranean coast are Fraport AG and Aeroports de Paris (ADP), said the people. They asked not to be identified because the process is confidential. The contract is being auctioned by YDA Group, a closely held Turkish conglomerate with investments spanning construction to energy.
Initial offers from three of the bidders - including ADP and Vinci - averaged about EUR290 million (US$321 million), four of the people said, representing the market value of the contract plus net debt. Madrid-based Ferrovial was an outlier, with an offer of around EUR435 million, they said.
The concession is being sold two months after the owners of another giant $11 billion airport in Istanbul dropped a plan to sell a stake in the venture. That opened a window for YDA to seek buyers so it can raise cash for other investments, such as hospitals, real estate or agriculture. YDA has been operating Dalaman's international terminal since 2006, and in 2014 secured another contract to also run domestic flights for 26 years.
Ankara-based YDA hired Istanbul-based investment bank Unlu & Co to advise on the contract, reports Bloomberg.
Dalaman is designed to handle 10 million passengers a year, according to YDA. The airport is the seventh largest in Turkey and served 4.6 million passengers in 2018, up 23 per cent from a year ago.

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