(Bloomberg) -- Vinci agreed to buy a majority stake in Edinburgh Airport for £1.27 billion ($1.6 billion), furthering an expansion in the UK by the French construction and concessions firm.

Global Infrastructure Partners, which has owned the Scottish hub since 2012, will continue to manage just under 50%, according to a statement Wednesday. Vinci has purchased majority stakes in London Gatwick and Belfast International since 2018, making the UK its second-largest aviation market.

Airport assets in the UK are starting to regain their appeal after business recovered from the impact of the pandemic. Saudi Arabia’s Public Investment Fund said in November it planned to buy a stake in London Heathrow, the Europe’s busiest travel hub. That deal is pending as other potential buyers consider joining in with PIF and French buyout firm Ardian. 

Read More: Abu Dhabi’s Mubadala Said to Consider Buying Heathrow Stake

GIP had sought more than £3 billion for the entire Edinburgh business, Bloomberg reported last month. Spain’s Aena SME was also vying for the airport alongside the French builder. 

Edinburgh Airport had revenues of £272 million and an Ebitda margin of 65% last year, Vinci said. The company, which operates France’s biggest highway network, is also taking a 20% stake in Budapest Airport, with the Hungarian government initially buying 80%. 

Vinci shares rose 1.6% as of 10:20 a.m. in Paris. The stock is little changed this year, after advancing 22% in 2023. 

In all, Vinci operates 70 airports globally, according to its website. Its European facilities include France and Portugal, with significant operations in Latin America.

GIP paid about £807 million for Edinburgh Airport in 2012. The infrastructure fund sold a controlling stake in Gatwick Airport for £2.9 billion to Vinci in 2019.

(Updates with background on UK airports, adds shares)

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