The £1.53 billion purchase of the owner of Aberdeen, Glasgow and Southampton airports has been completed after receiving relevant regulatory approvals.
The deal sees private airport investor AviAlliance acquire AGS Airports from Ferrovial and Macquarie and sets the trio of airports on course for expanding passenger numbers.
AGS Airports will join the company’s global network, which includes stakes in Athens, Dusseldorf, Hamburg and San Juan, Puerto Rico, airports.
Andy Cliffe departs as chief executive of AGS Airports by mutual consent as a result of the takeover being completed.
He is succeeded by Kam Jandu, most recently chief executive of Budapest airport.
Cliffe has agreed to support Jandu “to ensure an orderly leadership transition,” the company said.
AviAlliance, which announced the AGS Airport acquisition in November, is a wholly-owned subsidiary of PSP Investments, one of Canada’s largest pension investors.
PSP is a long-standing investor in UK infrastructure with majority stakes in the port operator Forth Ports and Angel Trains, the country’s largest rolling stock company.
AviAlliance managing director Gerhard Schroeder said: “We are delighted to formally welcome AGS Airports into the AviAlliance family and look forward to developing a constructive and long-lasting partnership with all three airports.
“Aberdeen, Glasgow and Southampton airports are excellent assets with strong growth potential that will benefit significantly from the forward-thinking exchange of expertise in growing connectivity, expanding passenger numbers and delivering superior passenger experience from across our world-class airport portfolio.”
Jandu added: “Aberdeen, Glasgow and Southampton airports offer unique propositions and catchment areas which present growth opportunities for airlines and other business partners alike.
“Working with the great people we have across the group and airports we aim to further improve their economic impact in a sustainable manner for the benefit of all stakeholders.
“I am looking forward to continuing the excellent achievements that have already been reached in this regard and to delivering the ambitious plans in the years ahead.”
Cliffe said: “It has been my pleasure to lead AGS Airports for the past years as we successfully transformed the business into the world-class airport operator it is today focused on delivering the enormous growth potential of the group.
“I will look back fondly on my time as CEO and I look forward to working closely with Kam and AviAlliance during this transition period.”