Aviation Transactional Support
Accurate and precise due diligence is crucial to ensuring commercial viability. Waterman’s expertise in aviation sustainability and environmental due diligence has been repeatedly recognised, with substantial volumes of repeat and new business.
We have extensive experience in advising on the acquisition, divestment and refinancing of airports, both in the UK and internationally. A summary of our key recent experience is provided below.
Waterman supported a consortium by providing EHS due diligence as part of the proposed acquisition of Toulouse Airport.
BAA/HAL (Heathrow, Gatwick, Stansted, Southampton, Edinburgh, Glasgow and Aberdeen Airports) and Hungarian Assets:
We have had a long standing involvement with the UK portfolio. We conducted a desk-based review of key environmental liabilities with respect to BAA’s UK and international airports for a potential bidder during the eventual initial acquisition by Ferrovial Aeropuertos. The Non Designated Airports (including Glasgow, Aberdeen, Southampton and Edinburgh) were subsequently assessed as part of their refinancing. The entire portfolio has also been assessed on two occasions (2010 and 2013) as part of the divestment of shares of the holding company, where we undertook a wider ESG review. Waterman has further advised on the divestment of Gatwick and Edinburgh (for Ferrovial) and acquisition of Stansted. In the case of Stansted, we further advised on H&S aspects as well as environmental. More recently we advised on the acquisition of Southampton, Glasgow and Aberdeen.
Waterman provided environmental due diligence support to a bidder as part of the recent concession granted by the Slovenian government for the operation of this airport.
Hochtief Portfolio (Athens, Hamburg, Dusseldorf, Monchengladbach, Budapest, Tirana and Sydney Airports):
Provided staged ESG due diligence support to the client in their recent purchase of the Hochtief portfolio, initially beginning with electronic data room review, then comprising site visits to the majority of the airports, management Q&A and physical dataroom review. The assessment comprised environmental, H&S and wider ESG elements.
Waterman provided integrated ESG due diligence (environmental, H&S, wider social and governance aspects) support for the proposed acquisition of Belfast, Stockholm Skavsta and Orlando International Airports.
Madrid & Barcelona Airports:
Waterman provided Environmental vendor due diligence support ahead of the proposed concession to be issued on the two airports.
Environmental due diligence assessment of Budapest Airport in support of a bidder during its sale by the Hungarian Government.
Copenhagen International Airport:
Desk-based environmental due diligence support was provided in the acquisition of additional share capital in the asset.
Brussels International Airport:
Provided environmental due diligence support in the acquisition of the asset. This included detailed site inspections and a dataroom review of documentation to assess material issues associated with the proposed acquisition of the airport.
San Jose International Airport (Costa Rica):
Waterman supported the consortium during the proposed acquisition of this airport. We were retained as trusted environmental due diligence advisors having worked extensively for both members of the consortium.
Four Russian Airports:
Brought in by the client post transaction to undertaken an environmental assessment of four airports. This assessment aimed to confirm whether there are any potential outstanding liabilities associated with the airports that could be claimed against under the SPA disclosures and warranties granted by the vendor.
Pulkovo Airport (St Petersburg, Russia):
Provision of environmental due diligence advice to a Consortium in their proposed Public Private Partnership agreement to operate the airport for a 25 year period.
Provided environmental due diligence support in the acquisition of the airport in 2002. In addition, Waterman was brought in to provide vendor diligence support upon exit of the asset in 2007, in view of our knowledge of the site.
Provided environmental due diligence support in the acquisition and subsequent divestment of the asset and its refinancing.
Provided environmental due diligence support in the acquisition of the airport. On the basis of our knowledge of the sector and the airport, Waterman was engaged by Exeter Airport to provide extensive intrusive site investigation support as well as advising on work to be undertaken to their effluent treatment plant.
London City Airport:
Waterman was engaged to support a Consortium in their proposed acquisition of London City Airport. The assessment comprised a review of publicly-available information on the airport, particularly focusing on current environmental compliance and potential restrictions to future expansion.
Newcastle International Airport:
Provided support in the acquisition of Newcastle International Airport. Waterman was retained as consultant of choice during the refinancing and subsequent divestment of the business and the assets. We also acted on behalf of a potential purchaser of the airport, for which we operated two simultaneous teams with Chinese walls.
Seven Airports Across Mexico:
Provided environmental due diligence support in the acquisition of share capital in Aeropuertos del Sur (ASUR) by Copenhagen Airport. ASUR is the main operator of airports in Mexico, with seven of their most prominent airports of the country.