InfraBridge, the infrastructure investment arm of DigitalBridge Group, has agreed to sell a 51% interest in a newly formed holding company that owns 100% of Leeds Bradford Airport (LBA) and 49% of Newcastle International Airport (NIAL) to Spanish operator Aena for approximately £270 million. The deal leaves InfraBridge with a 49% stake in the holding company and the right to continue managing the airports’ operations.
The transaction reflects InfraBridge’s strategic pivot away from non‑core assets toward its core digital‑infrastructure business. By divesting a majority interest in two regional airports, InfraBridge frees capital that can be redeployed into data‑center, fiber, and cell‑tower investments that drive higher growth and margin expansion. DigitalBridge Group’s Q4 2024 earnings, released on February 20, 2025, showed a $0.11 EPS beat and $101.55 million revenue, underscoring the company’s solid financial footing and its ability to support a focused investment strategy.
Aena’s purchase expands its UK presence beyond its existing 51% stake in London Luton Airport. The acquisition adds roughly 9.5 million passengers to Aena’s UK portfolio and positions the company to meet its goal of having overseas operations account for 15% of EBITDA by 2026. Aena CEO Maurici Lucena said the deal “strengthens our position in a high‑potential market and aligns with our long‑term growth strategy.”
InfraBridge’s Managing Director Justin Symonds highlighted the long‑term potential of both airports, noting that LBA serves 4.3 million passengers in FY 2024 and is targeting 7 million by 2030, while NIAL handled 5.2 million passengers in FY 2024 and is undergoing a £60 million expansion to accommodate future growth. The transaction values the stake at an enterprise‑value‑to‑EBITDA multiple of 18x, reflecting the airports’ robust operating performance.
Market reaction to the announcement was positive. Aena’s shares rose 0.5% on the day of the announcement, reflecting investor confidence in its international expansion strategy. Analysts at RBC Capital lifted DigitalBridge’s price target to $23 and reiterated an Overweight rating, citing the strategic fit of the divestiture with DigitalBridge’s focus on high‑growth digital infrastructure.
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