France’s Vinci Paid Fair Value for ANA-Aeroportos, Burgard Says

Vinci SA, Europe’s biggest builder, paid a “fair” price of 3.1 billion euros ($4.1 billion) for Portuguese airport manager ANA-Aeroportos de Portugal SA, said Louis-Roch Burgard chief executive officer of Vinci Concessions.

The French company, whose offer was more than 600 million euros higher than three other bidders in a government tender, completed the purchase of the airport operator at a signing ceremony in Lisbon today.

“We valued the present value and future value of ANA, which we see as a strategic tool for our development,” Burgard told reporters in Lisbon after signing the contract. “I think we paid the fair value.”

Vinci, which also operates regional airports in France and Cambodia, is betting on ANA to further expand its business managing airports and other transport assets, Burgard said. Portugal opted to sell ANA as part of conditions for receiving a bailout from the International Monetary Fund and the European Union in 2011.

Frankfurt airport owner Fraport AG bid 2.44 billion euros for ANA, Argentina’s Corporacion America offered 2.41 billion euros and requested to pay part of that within 10 years, while Flughafen Zurich bid 2 billion euros, Sergio Monteiro, Portugal’s secretary of state for public works, transport and communications said on Dec. 27.