News that the owner of Glasgow and Aberdeen airports is being acquired by one of Canada’s largest pension investors came somewhat out of the blue this week, and naturally raises the question of what this will mean.

Acquirer AviAlliance, the wholly owned airports platform of the Public Sector Pension Investment Board (PSP Investments), was certainly making all the right noises as it announced its purchase of AGS Airports, which also owns Southampton Airport, from Ferrovial of Spain and Macquarie of Australia.

Only time will tell but, if what AviAlliance is promising as its focus is borne out by its stewardship of the airports, the future looks bright enough.

AGS Airports is being acquired for an enterprise value of £1.53 billion - in a transaction which is subject to regulatory approvals and is expected to complete in the first quarter of 2025 - so that represents a major investment by the buyer.

The sale of AGS comes hard on the heels of a deal announced in April which saw a majority stake in Edinburgh Airport change hands.

Global Infrastructure Partners, which achieved impressive growth at Edinburgh Airport after taking over the asset in 2012, agreed to sell a 50.01% stake in the Scottish capital's airport to seasoned French operator VINCI Airports for around £1.27bn.

The enthusiasm of AviAlliance on Wednesday, as it set out its vision for Glasgow, Aberdeen and Southampton airports, was strikingly similar to that expressed by VINCI when it announced its purchase of the majority stake in Edinburgh.

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Among the priorities highlighted by AviAlliance were expansion of the airports’ route networks and further improving the........

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