Portugal Government: Many Investors Interested in Airport Operator

By Patricia Kowsmann

LISBON--The privatization of Portugal's airport operator is attracting interest from many investors, both from within Portugal and abroad, although the bidding process hasn't started yet, Portugal Treasury Secretary Maria Luis Albuquerque said Thursday.

Aeroportos de Portugal SA is being sold along with national airline TAP SGPS SA under Portugal's 78 billion-euro ($98 billion) bailout program.

Ms. Albuquerque said ANA, as the operator is called, will be sold to one or more investors through a private sale. Employees will also be offered up to 5% of the company's capital, she added.

The government expects to find buyers for both companies by the end of the year. In April, the Brazilian toll-road operator CCR SA (CCRO3.BR) and Brisa-Autoestradas de Portugal SA (BRI.LB) said they would study a possible joint bid for ANA.

TAP is worth around EUR1.2 billion, valued on a multiple of eight times 2011 earnings before interest, taxes, depreciation and amortization, the average multiple of recent deals in the sector, according to government and airline officials. The airport operator would be valued at roughly EUR1.6 billion using the same calculation.

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