Osler acted as Canadian Counsel to Flughafen Wien AG in its purchase from SNC-Lavalin Group Inc.’s indirect stake in MMLC Holdings Malta Limited (formerly, SNC-Lavalin (Malta) Limited, “SNCL Malta”). SNC Malta has a 38.75% interest in Malta Mediterranean Link Consortium Limited (“MMLC”), which in turn has a 40% interest in Malta International Airport plc ("Malta Airport").
The total value of the transaction amounts to approximately €64 million, equivalent to €3.00 per Malta Airport share plus adjustments to net working capital.
Before the transaction, Flughafen Wien AG's total direct and indirect holding in Malta Airport equalled 32.94%. By acquiring SNC-Lavalin Group Inc.’s indirect stake in MMLC, Flughafen Wien AG has now increased its total indirect holding in Malta Airport by a further 15.5%. Thus, Flughafen Wien AG's total consolidated holding in Malta Airport reaches more than 48%.
Since the privatisation of Malta Airport in the year 2002, Flughafen Wien AG has held a 57.1% stake in MMLC up until now via its subsidiary VIE (Malta) Limited. MMLC has been responsible for the operating management of Malta Airport up until now, and reported the airport as a subsidiary fully consolidated in its consolidated subgroup financial statements.
Due to the acquisition of the indirect stake held by SNC-Lavalin Group Inc., Flughafen Wien AG’s shareholding in MMLC has increased to more than 95%.
Osler's team was led by Antonella Penta (Corporate) and included Shuli Rodal (Competition).