Proposed sale of shareholding in Prestwick Aviation Holdings Limited

Description

Glasgow Prestwick Airport ("GPA") is an international airport on the west coast of Scotland in the UK. Prestwick Aviation Holdings Limited ("PAHL") wholly owns GPA. PAHL is wholly owned by TS Prestwick Holdco Limited ("TS Holdco"), which in turn is wholly owned by the Scottish Ministers. In June 2019 TSP HoldCo instigated a sale of its shareholding in PAHL. A preferred bidder was appointed in December 2019. However, due to the impact of the Covid-19 global pandemic, the preferred bidder withdrew from the process. On the basis of continued market interest, TSP Holdco has decided to again explore the sale of 100% of its shareholding in PAHL by way of a voluntary competitive process. GPA offers a wide range of aviation services including freight, passenger military, specialist executive handling as well as general aviation. GPA is the only airport in Scotland to have its own railway station and railway link straight to the terminal. GPA has two runways serviced via six aprons. The terminal building was originally constructed for four million passengers and currently has capacity for 18 check in desks, 10 gates and 12 stands. GPA is located on a significant land bank of 356 hectares – 65 per cent of which is utilised for aviation activities. Glasgow Prestwick Airport ("GPA") is an international airport on the west coast of Scotland in the UK. Prestwick Aviation Holdings Limited ("PAHL") wholly owns GPA. PAHL is wholly owned by TS Prestwick Holdco Limited ("TS Holdco"), which in turn is wholly owned by the Scottish Ministers. In June 2019 TSP HoldCo instigated a sale of its shareholding in PAHL. A preferred bidder was appointed in December 2019. However, due to the impact of the Covid-19 global pandemic, the preferred bidder withdrew from the process. On the basis of continued market interest, TSP Holdco has decided to again explore the sale of 100% of its shareholding in PAHL ("Proposed Transaction") by way of a voluntary competitive process. GPA offers a wide range of aviation services including freight, passenger military, specialist executive handling as well as general aviation. GPA is the only airport in Scotland to have its own railway station and railway link straight to the terminal. GPA has two runways serviced via six aprons. The terminal building was originally constructed for four million passengers and currently has capacity for 18 check in desks, 10 gates and 12 stands. GPA is located on a significant land bank of 356 hectares – 65 per cent of which is utilised for aviation activities.