PIC seals Acsa deal

The Public Investment Corporation (PIC) has concluded negotiations to acquire a 20% stake in the Airports Company of SA (Acsa) for R1,675-billion.

The stake is being purchased on behalf of the Government Employees Pension Fund (GEPF)—the PIC’s largest client and will be acquired from Italian airports company, Aeroporti di Roma.

“As one of the world’s leading airports’ companies with good returns and positive long-term growth prospects, Acsa is an attractive investment for the GEPF,” the company said in a statement on Friday.

“Additionally, the transaction offers the GEPF an opportunity to increase its property investments and provides certainty to Acsa as it implements its strategic capital expenditure projects ahead of the 2010 soccer World Cup.”

Acsa owns and operates South Africa’s nine principal airports and is the largest airports’ company in Africa.

It handles roughly 400 000 aircraft movements and more 24-million passengers annually. - Sapa

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