Travers Smith corporate partners Richard Skelton and Anthony Foster acted for longstanding client the Peel Group on the sale of a 65 per cent. stake in its airports division to Vancouver Airport Services ("VAS") for an undisclosed sum. Peel and VAS will continue to operate the airports division as joint venture partners.
The airports division comprises Liverpool John Lennon Airport, Robin Hood Airport Doncaster Sheffield and Durham Tees Valley Airport.
The Travers Smith team also included banking partner James Richards, tax partner Richard Stratton, commercial partner Richard Brown, competition partner Nigel Seay and real estate partner James Styles. Banking partner Andrew Gregson advised the airports division on its bank refinancing which took place at the time of VAS´ acquisition of its stake.
Travers Smith´s Richard Skelton commented:
"We were pleased to work closely with Peel again, on what proved to be a complex transaction. We hope the long-term partnership established through the joint venture will enable Peel and Vancouver to unlock further value through the combination of their respective assets and experience, and we wish the new venture well."