France's Vinci snaps up Portugal's airline operator ANA

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France's Vinci snaps up Portugal's airline operator ANA

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Portugal is set to beat its privatisation revenue goal by selling airport operator ANA to French construction firm Vinci.

The deal is reportedly worth about 3 billion euros – a world record for such transactions, according to the government.

Lisbon has hailed the agreement as a sign of its commitment to raising 5.5 billion euros by the end of 2013 as part of its 78 billion euro bailout package.

Portugal’s Treasury Secretary, Maria Albuquerque said: “This shows our capacity to attract stable foreign investment, the capacity of the government to fulfil tight calendars in demanding and complex processes, but also the capacity to raise significant sums above market expectations in difficult circumstances.”

Despite Portugal’s steep recession and debt crisis, ANA has been churning out profits from its network of airports across the country.