Fairfax India to sell minority stake in Anchorage Infrastructure for $134m

Prem Watsa of Fairfax India Holdings. Photo: Reuters

Fairfax India Holdings Corp, part of Canadian billionaire Prem Watsa’s Fairfax Holdings, has entered into an agreement to sell an 11.5 per cent stake in Anchorage Infrastructure Investments Holdings Limited for about $134 million.

The interest in Anchorage will be sold by way of a private investment agreement, Fairfax said in a statement on Monday.

Anchorage is a subsidiary of Fairfax India and its flagship company for investing in companies, businesses and opportunities in the airport sector in India. It is also Fairfax India’s platform for bidding on airport privatisation projects in India, it said.

Currently, Fairfax India, through its wholly-owned subsidiary, FIH Mauritius Investments Ltd, owns a 54 per cent interest in Bangalore International Airport (BIAL).

As part of the transaction, Fairfax India will restructure its interest in BIAL such that a portion of such interest will be held through Anchorage and, upon closing of the transaction, Fairfax India’s effective ownership interest in BIAL will decrease to approximately 49 per cent on a fully-diluted basis.

The transaction is subject to customary closing conditions, including various third-party consents, and is expected to close in the first half of 2020.

Anchorage Infrastructure is reportedly also among the shortlisted bidders for developing the Jewar international airport.

Fairfax India was founded in 2014 by Watsa and is headquartered in Toronto, Canada. Fairfax has an employee base of about 350,000 in India, and has investments in sectors such as travel, transportation, warehousing, banking and financial services.

Per a September report in The Economic Times, Watsa has proposed to invest another $5 billion in India in the next five years, doubling what he’s put in thus far.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.