Slaughter and May advised Malaysia Airports Holdings Berhad (MAHB) on the acquisition of a further 40% equity stake in each of Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim Yapim ve Isletme A.S. (ISG) and LGM Havalimani Isletmeleri Ticaret ve Turizm A.S. (LGM) from the Limak Group for a total cash consideration of approximately EUR 280 million representing an equity value of approximately EUR 700 million for 100% of the companies. The transaction closed on 31 December 2014.

ISG manages operations at Sabiha Gokcen Airport and LGM establishes and manages hotels, lounges and food and beverage facilities at Sabiha Gokcen Airport. The purchase was made through MAHB's wholly-owned subsidiary Malaysia Airports Cities Sdn Bhd and results in MAHB (together with its subsidiaries) becoming the 100% owner of the two companies.

Slaughter and May also acted for MAHB on its acquisition of a 40% equity stake in the two companies from the GMR Group in April 2014.

Sabiha Gokcen Airport is the hub of Pegasus Airlines. It is one of the two international airports serving Istanbul and is located in the Asian side of the city. In 2013, Sabiha Gokcen Airport handled 18.84 million passengers. The passenger volume is expected to reach 23.8 million in 2014. There are also plans to add a second runway.

Paksoy advised on Turkish law issues and ZICO advised on Malaysian law issues.

CONTACTS

Corporate and Commercial: Simon Hall (partner), Samay Shah (associate), Hiba Siddique (associate); Competition: Natalie Yeung (partner), Mariko Tavernier (associate)