AGS Airports has been absorbed by AviAlliance, which has stakes in Athens, Dusseldorf, Hamburg and Puerto Rico’s San Juan airports, which combined serve 73 million passengers. Together, AGS’s three airports account for just under 11 million passengers.

AviAlliance, based in Dusseldorf, said it would use its “extensive global airport expertise to responsibly develop AGS Airports, enhancing air connectivity, improve the passenger experience and support local communities”.

Gerhard Schroeder, AviAlliance managing director, said: “We are committed to supporting the airports over the long term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy.”

AviAlliance bought AGS from Ferrovial and Macquarie, paying £1.53 billion and ending a decade of ownership. The transaction is subject to regulatory approvals but is expected to complete in early 2025. AviAlliance is wholly owned by PSP Investments, one of Canada’s largest pension companies. 

PSP Investments boasts more than £10 billion of business interests in the UK. It has majority ownership of Forth Ports, one of the largest port operators in Scotland and England, and Angel Trains, the UK’s largest rolling stock company.