Orrick Advises on US$4 Billion Portuguese Privatization


Orrick has advised French construction company VINCI on the privatization of ANA, the Portuguese airport concession company. The airport concession privatization is one of a series of privatizations taking place in the country to ensure the Portuguese government meets the terms of an international bailout package worth €78 billion.

On February 21, 2013, VINCI signed a contract with the Portuguese government to acquire the shares of ANA, which holds a 50-year concession for the country’s 10 airports: Lisbon, Porto, Faro and Beja on the mainland; Ponta Delgada, Horta, Flores and Sainta Maria in the Azores; and Funchal and Porto Santo in Madeira. The deal is worth US$ 4.03 billion (€3.08 billion) and goes a long way to meeting the Portuguese government’s commitment to raising €5.5 billion from privatizations before the end of 2013.

Through the acquisition of ANA, VINCI Airports, a VINCI Concessions subsidiary, will become a significant international player in airport concessions, with 23 airports managed in Portugal, France and Cambodia. These airports handle 40 million passengers a year, including a European hub with over 15 million passengers.

The Orrick team was led by Paris energy and infrastructure partner Yves Lepage and included London M&A and private equity partner Anthony Riley, Paris energy and infrastructure counsel Noël Chahid-Nouraï and Olivier Meledo, Paris corporate associate Barbara Jouffa and Paris energy and infrastructure associates Geoffroy Berthon, Bob Bastos and Quirec de Kersauson.