ADP to sell around 7.3% stake in India’s GMR Airports for up $1.05 billion
April 23 (Reuters) – France's airport group ADP said on Thursday it had agreed with India's GMR Group to sell up to a 7.3% stake in GMR Airports Ltd for an estimated 924 million euros ($1.05 billion) in cash.
Here are some details:
* The transaction includes an immediate sale of a 3.4% stake for 256 million euros ($299 million).
* The deal includes options for ADP to sell a further 3.9% stake by April 2027.
* ADP's board proposed a special dividend of 0.8 euros per share for 2025, the company said.
* GMR Group will also buy back convertible bonds held by ADP for 301 million euros plus interest.
* ADP said the deal would preserve its governance rights and promoter status in GMR Group.
* ADP added that the transaction was part of its strategy to unlock value from international assets.
(Reporting by Dagmarah Mackos; Editing by Hugh Lawson)
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