Subject: TAKEOVERS/ LETTER of INTENT
Fairfax India Acquires 38% of Bangalore International Airport Limited
TORONTO, ONTARIO--(Marketwired - March 24, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted.)
Fairfax India Holdings Corporation (TSX:FIH.U) is pleased to announce that, through its wholly-owned subsidiary (collectively, "Fairfax India"), it has completed its previously announced acquisition of 38% of the outstanding shares of Bangalore International Airport Limited for an aggregate consideration of approximately INR 25.22 billion (approximately $385 million at current exchange rates). Of the 38 %, 33% was bought from Bangalore Airport & Infrastructure Developers Private Limited, which is a subsidiary of GVK Power & Infrastructure Ltd and 5% was bought from Flughafen Zürich AG.
About Fairfax India
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
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