Esken Limited ("Esken" or "the Group") - Conclusion of strategic partnership with Teesside International Airport
Over the last 12 months, Teesside International Airport has secured an airline partnership with Loganair, attracted new routes and installed a strong, experienced leadership team, with the oversight of the Tees Valley Mayor and Combined Authority. Given these positive developments, Teesside International Airport no longer requires the support of Esken as an external strategic partner.
As a result of these positive developments, Esken will cease its management agreement with the airport and transfer its 25% ownership of Teesside International Airport to a new Teesside Airport Foundation for a nominal consideration (the "Disposal"). Esken may be entitled to a deferred consideration. If there were to be a future sale of Teesside International Airport before 25 January 2023 Esken has agreed with Tees Valley Combined Authority that Esken would be entitled to share in the proceeds of that sale up to an amount not exceeding £31.3m.
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