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Altitude supports China Everbright and Friedmann Pacific in acquisition of Tirana International

Updated: Nov 16, 2022

China Everbright and Friedmann Pacific has announced that their joint venture, Keen Dynamics Limited (“KDL”), has signed an agreement to acquire Tirana International Airport SHPK (“TIA”), the concessionary developer and operator of the capital airport of Albania. On closing, KDL will take over Tirana’s airport concession until 2025 (with 2 years extension to 2027, pending Albanian government’s approval). Tirana International Airport is Albania’s most important transport hub, and is one of the fastest growing airports in Europe. Passengers have increased from 600,000 in 2005 to 2 million in 2015.

Altitude supported the process with consultancy support for business plan and technical due diligence. This included:

  • Detailed review of the Albanian traffic market and region highlighting the main demand drivers, modal shares and dynamics of the main airports in the region.

  • Development of traffic forecast scenarios reflecting competing catchments and competition, airline strategies (including route development), economic development of the region and other traffic drivers.

  • Analysis of historic financial performance including aeronautical revenue, operating expenditure, EBITDA and capital investment.

  • Development of detailed financial forecasts for each traffic scenario to incorporate concession regulatory structure, aeronautical tariffs, concession and supplier contracts, etc.

  • Detailed assessment of capacity for key processes and development of infrastructure requirements, capacity and asset renewal capital investment projections to reflect the traffic forecasts.

  • Production of a comprehensive due diligence report and provision of operating model outputs to EBITDA level and capital investment profile to be used as inputs for the financial model.

More information here.

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