NAME: Gateway Development Alliance’s $2.6 billion acquisition of Malaysia Airport Holdings
LAW FIRM: Wong & Partners, Weil Gotshal & Manges
JURISDICTION: Malaysia
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Aviation & shipping
Gateway Development Alliance’s $2.6 billion acquisition of Malaysia Airport Holdings is our deal of the month for June.
Consortium Gateway Development Alliance, in partnership with investment firm Global Infrastructure Partners (GIP), have announced their offer to acquire all the remaining shares in Malaysia Airport Holdings (MAH). The deal is valued at $2.6 billion, and once completed will be the largest acquisition in Malaysia in nearly three years.
The consortium is led by Malaysian sovereign wealth fund Khazanah Nasional, the Employees Provident Fund (EPF) and the Abu Dhabi Investment Authority (ADIA). Upon completion, Khazanah Nasional will increase its share ownership from 33.2% to 40%, EPF share ownership will increase from 7.9% to 30%, and GIP and ADIA will hold the remaining 30%.
The deal is expected to be completed in the fourth quarter of 2024. Upon meeting certain conditions, MAH will delist its shares from the Malaysian stock exchange, Bursa Malaysia and become a private entity.
With the acquisition, the consortium aims to position MAH for long-term sustainable growth by focusing on infrastructure and service improvements.
Wong & Partners acted for the consortium. The team was led by partner Munir Abdul Aziz. Weil Gotshal & Manges advised GIP, with a team led by partners Murray Cox and Brendan Moylan.