February 1, 2016 / 4:28 PM / 2 years ago

UPDATE 1-Vienna Airport raises stake in Malta Airport

(Adds SNC-Lavalin comment, details)

VIENNA, Feb 1 (Reuters) - Vienna Airport said it bought Canadian SNC-Lavalin Group’s indirect stake in Malta International Airport for about 63 million euros ($69 million), betting on the island’s attraction as a tourist destination.

The deal will increase the Austrian company’s stake in the Maltese operator by 15.5 percentage points to more than 48 percent, Vienna Airport said in a statement on Monday.

The purchase price is equivalent to 3.00 euros per Malta Airport share, it said, a nearly 30 percent discount to Friday’s closing price at 4.33 euros.

SNC-Lavalin, an investor in the operator since it was privatised more than 13 years ago, said the sale was in line with its strategy to monetise some of its mature infrastructure concession investments.

Malta Airport handled about 4.6 million passengers in 2015 and posted a profit of 7.29 million euros in the first half of last year.

The share purchase agreement is subject to certain closing conditions by both parties. ($1 = 0.9178 euros) (Reporting by Kirsti Knolle, editing by David Evans and Adrian Croft)

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