Governments eye billion-euro stake in Brussels Airport
The federal and Flemish governments are exploring a joint purchase of the Canadian pension fund OTPP’s 30 per cent stake in Brussels Airport, potentially taking majority control. The price tag could be around 2.6 billion euros, De Tijd reports.
Australian investment firm Macquarie was in talks to acquire OTPP’s share, but the deal faltered over the high price, which was reportedly between 2.5 and 3 billion euros. The Belgian governments are now considering stepping in through their investment arms SFPIM and PMV, each potentially contributing 1.3 billion euros.
The federal government already holds 25 per cent plus one share in Brussels Airport, a strategic asset, with an agreement in place that could increase to nearly 40 per cent. Flanders holds 1-2 per cent indirectly, but acquiring half of OTPP’s stake would raise that to around 16 per cent.
For Flanders and the nationalist N-VA party, the move is politically attractive. During the 2024 campaign, N-VA’s Theo Francken proposed buying out the federal stake to fund defence investments.
Financing hurdles
However, financing remains a challenge. PMV’s share alone would represent about 71 per cent of its assets under management in 2023. PMV and minister president Matthias Diependaele’s office declined to comment.
Liberal party MR strongly opposes the plan. “The private shareholders must sort this out among themselves,” said one source. “The government should not pay billions – which it does not have – for a larger stake in a company that is already doing very well.”
The airport, in Zaventem in Flemish Brabant, contributes 8.8 billion euros to Belgium’s GDP and supports around 65,000 jobs. It is a key economic and strategic asset.
Meanwhile, the Solace consortium, of which PMV is part, could also emerge as a buyer, though raising the funds fast enough would be difficult. Solace currently owns 36 per cent of the airport, while OTPP’s Beacon consortium holds 39 per cent.
© PHOTO BELPRESS
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