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)
ADP Agrees to Sell 7.3% Stake in India’s GMR Airports for $1.05 Billion
Details of the ADP-GMR Airports Stake Sale
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.
Key Transaction Components
Here are some details:
Immediate Sale and Financial Terms
* The transaction includes an immediate sale of a 3.4% stake for 256 million euros ($299 million).
Future Sale Options
* The deal includes options for ADP to sell a further 3.9% stake by April 2027.
Dividend and Buyback Arrangements
Special Dividend Proposal
* ADP's board proposed a special dividend of 0.8 euros per share for 2025, the company said.
Convertible Bond Buyback
* GMR Group will also buy back convertible bonds held by ADP for 301 million euros plus interest.
Governance and Strategic Rationale
* 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.
Additional Information
($1 = 0.8562 euros)
(Reporting by Dagmarah Mackos; Editing by Hugh Lawson)
