Carlyle Takes Control of Southend Airport Following Debt Settlement
In a major shift for UK aviation, US private equity firm Carlyle acquires an 82.5% stake in Southend Airport, concluding a prolonged dispute over debt and ownership.
- Esken, the former owner of Southend Airport, agrees to a deal with Carlyle, leading to the delisting of Esken's shares and an anticipated negligible return for shareholders.
- The agreement includes a £5 million bridge loan and £32 million in new funding to ensure the airport's future growth, with Carlyle becoming the majority shareholder.
- The deal settles a dispute over a £193.75 million debt, with Esken retaining a 17.5% stake in the airport.
- Southend Airport's future had been uncertain following the impact of the COVID-19 pandemic on international travel and the withdrawal of major airlines.
- The transaction marks the latest in a series of UK firms being taken over by foreign companies, amid concerns over low valuations and the economic impact of Brexit.
Evening Standard 
The Guardian 