IFM Investors acquires 75% of Air Rail: Advisors

IFM Investors has acquired 75% of Air Rail, the largest owner and lessor of airport ground support equipment (GSE) in Spain and Portugal. Air Rail founder José Manuel García Prieto will retain a 25% stake in the company.

The transaction is subject to customary regulatory approvals and is expected to close later this year.

The transaction strengthens IFM’s presence in the Spanish infrastructure market, where IFM-advised funds hold significant stakes in leading companies such as Naturgy, Aqualia and Aleatica. Spain remains one of IFM’s most important markets globally, with more than €10 billion invested in the country over the past seven years.

Air Rail is a leading provider of GSE rental and maintenance services in Spain and Portugal, with customers at more than 50 European airports. With more than 120 employees in Spain and headquarters in Madrid, Air Rail manages a fleet of more than 4,000 GSE units (including boarding stairs, pushback tractors and baggage carts) and offers a comprehensive rental service. Approximately 70% of its fleet is fully electric, responding to the growing demand for sustainable solutions in the airport sector.

Advisors

Clifford Chance advised IFM Investors. The multidisciplinary team was led by Private Equity/M&A partner Javier Amantegui, with the support of senior associates Patricia Puertas and Javier Montañes, alongside associates Josep Massana, Juan Ibarra and José Loring. Counsel Jorge Martín-Fernández advised on the employment aspects of the transaction. Partner Epifanio Pérez, alongside partner Nicholas Kinnersley and senior associate Ignacio Magariños coordinated all financing aspects of the transaction. Antitrust matters were coordinated by senior counsel Begoña Barrantes, together with associate Luisa Morely, while senior associate Octavio Canseco led on all regulatory aspects of the transaction. Other specialist team members also supported IFM on the transaction.

Linklaters advised the founder of Air Rail with a team led by Carmen Burgos, supported by Jaime Peláez Arosa and Javier Montero Ruiz-Alberdi.

Julia Gil

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