Paris airports' operator Cuts Stake in GMR in $1 Billion Deal
India, April 25 -- ADP, the operator of the main Paris airports, agreed to sell up to 7.3% of GMR Airports Ltd as part of a deal worth as much as €924 million ($1.08 billion).
The French group agreed to sell the stake to a vehicle connected to GMR's founding family in a multistage deal, according to a statement confirming an earlier Bloomberg News report. ADP will sell 3.4% of its shares for €256 million and receive a put option to sell an additional 3.9% for about €285 million.
The family's vehicle has also agreed to purchase convertible bonds for €301 million face value, plus accrued interest as of the date of the transaction, which is set to be completed by March 31, 2027, ADP's statement showed.
Shares of GMR Air...
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