June 2024 – Kinstellar is proud to have advised Vinci Airports, one of the world’s leading private airport operators, on the strategic acquisition of a minority interest in the group managing the Budapest Liszt Ferenc International Airport. The majority investment in the transaction was carried out by Hungarian state-controlled Corvinus Zrt., a joint venture partner of Vinci Airports. As a result of this acquisition, with a total purchase price of EUR 3.1 billion plus net debt of EUR 1.2 billion, Vinci Airports becomes the operator of the Budapest airport hub.
This transaction is one of the highest profile acquisitions in Hungary, with a record-breaking deal value. It was a highly complex and challenging transaction, entailing intense negotiations, significant regulatory aspects, and close collaboration with several other international advisors. Kinstellar’s role focused on complex due diligence and all-encompassing Hungarian law transactional support, including assistance with the sale and purchase agreement, strategic long-term cooperation agreements, public procurement, financing, as well as a leading role in closing the transaction as escrow agent.
The Kinstellar team was led by Annamaria Csenterics (Partner, Co-head of the Corporate M&A service line), supported by a core team of Máté Nagy (Managing Associate, Banking, Finance & Capital Markets), and Gergely Lipták (Associate, Corporate M&A), as well as Péter Vörös (Partner, Antitrust, Litigation, Environment), Fanni Oroszi (Associate, Antitrust), Bertalan Ványa (Associate, Regulatory, Real Estate), Alexandra Cseri (Associate, Corporate M&A), Judit Sós (Associate, Corporate M&A), Péter Gullai (Managing Associate, Energy), Viktória Kárnyáczki (Junior Associate, Energy), Dániel Péter (Managing Associate, Employment) and Szabolcs Szilágyi (Associate, Employment).
“It’s been a privilege to work on such a milestone deal and assist Vinci strengthening its market presence in Europe. I am extremely proud of the team which again demonstrated its outstanding abilities to excel even under highly demanding conditions,” said Partner Annamaria Csenterics.
Kinstellar worked closely with Vinci’s international legal advisors, the Paris-based team of Orrick, led by Partners Yves Lepage, Christophe Lefort, Paul Loisel and Foucaud Jaulin.