The French airport operator plans to sell up to a 7.3% stake in GMR Airports for an estimated €924 million ($1.08 billion). The process starts with an immediate sale of a 3.4% stake valued at €256 million (approximately ₹2,800 crore).
Moreover, ADP has the option to dispose of an additional 3.9% stake for around €285 million (₹3,100 crore) by April 2027. This stake is being sold to an investment vehicle associated with the founding family of the GMR Group.
As part of this larger transaction, the family-backed entity will also invest in convertible bonds worth €301 million (face value), in addition to accrued interest.
The deal is anticipated to be finalized by March 31, 2027.
ADP stated that the objective of the transaction is to unlock value from its global assets while retaining its governance rights and co-promoter status in GMR Airports.
The company also made it clear that it does not plan to sell any further stake beyond this transaction.
Funds generated from the deal will be allocated for short-term debt reduction and may facilitate a special dividend payout as early as this year.
ADP’s board has suggested a special dividend of €0.8 per share for FY25, with the possibility of an additional €1 per share distribution following the execution of the stake sale option.
Citigroup served as the financial advisor to ADP, with S&R Associates and Hogan Lovells acting as legal advisors, and Urban Strategic Pte providing strategic advice.
As of the end of Q4, Groupe ADP held a 29.86% stake in the company through Aeroports de Paris S.A.
GMR Airports shares closed 1.25% lower at ₹96.17 on Thursday. Over the past year, the stock has risen about 8%, boosting the company’s market capitalization to approximately ₹1.02 lakh crore.
First Published: Apr 24, 2026 7:43 AM IST
