Irish Regulator Swoops For Air Traffic Stake

By Mark Kleinman, City Editor

Ireland's aviation regulator has emerged as a surprise contender to buy into one of the largest shareholders in Britain's air traffic control operator.

I understand that the Irish Aviation Authority (IAA) has expressed an interest in the process through which a number of major airlines are planning to sell their interests in National Air Traffic Services (NATS).

It is not clear whether the IAA, which describes itself as "a commercial semi-state company", would make a cash payment to acquire an interest in The Airline Group, the consortium of carriers which owns 42pc of NATS, or whether it would be structured differently.

In a statement issued to Sky News, an IAA spokesman said:

"The IAA is a partner organisation with [NATS] in the EU Single Sky. Both organisations manage Irish and UK airspace in a co-operative partnership manner and we are also partners with NATS in the Borealis Grouping in Europe. The IAA is a profitable air traffic control (atc) provider, deploying Europe's most advanced technology and also has the lowest charges for ATC services in Europe. The IAA has expressed an indicative interest in formalising its partnership with NATS via the current share sale, but no final decisions have yet been made as the process is in its very early stages."

The UK Government, which owns 49pc of NATS, had for some time been contemplating the sale of about half of its stake, with the aim of raising roughly £250m.

Those plans have now been shelved amid concerns of an outcry about the sale of such a sensitive asset, and ministers are unlikely to sanction the sale of any of the state's shareholding in the near future.

NATS handles roughly 5300 flight movements every day and employs 5000 people, who collectively own about 5pc of the company.

Instead of airlines selling their stake in NATS itself, the selling carriers plan to offload their stakes in the Airline Group plc, meaning that as an entity it will have different shareholders but continue to hold 42pc of the airspace controller.

Sky News has learnt that the airlines have decided against selling more than 49.9pc of the Airline Group to external investors, meaning that the Airline Group will continue to exert a decisive influence over the strategy and decision-making of NATS, according to insiders.

Thomas Cook, TUI and Lufthansa are expected to sell out their positions in The Airline Group, with Virgin Atlantic possibly selling up to half of its stake. That would leave British Airways and easyJet among the carriers which continue as economic stakeholders in NATS.

Rothschild, which had previously been advising the Airline Group, is now advising the carriers which are exiting the group.

A number of pension funds from Canada, 3i, the private equity group, and overseas air traffic controllers such as DFS in Germany, are all likely to bid for the selling airlines' stakes.

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