O’Leary’s €350m Bid for Ryanair Terminal at Dublin Airport

16 August 2011 - Which Way to Pay

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O’Leary’s €350m Bid for Ryanair Terminal at Dublin Airport

The renowned Ryanair chief Michael O’Leary has said he would by either of Dublin Airport terminal’s for €350m in the event of their sale by the Government. Analysts have purported that O’Leary’s low-cost airline will have a €3.5 billion cash pile by the end of 2011, giving them more than enough to buy a terminal. Indeed, the proposed price would hardly make a dent in the airline’s profits.

This news comes subsequent to Mr O’Leary’s comments in the Sunday Independent:

"I'd buy one of the terminals tomorrow, no problem. We'd happily buy the old terminal. Or we'd buy the new one but we wouldn't pay €1.2bn for it, which is what it cost to build. You'd probably get €350m each for them… It doesn't matter who buys the remaining one as long as they're different owners, so that there isn't a monopoly," he said.

On the other hand, the DAA is continuing to struggle with ever increasing debt. The DAA debt, now to the tune of €1.bn, was downgraded by credit rating agency S&P last year as a result of a fall in passenger numbers.

A sale of Dublin’s terminals at the price proposed by O’Leary would leave the taxpayer accountable for about €500m, however the Ryanair boss added that there “will absolutely” be a sale of all semi-state assets due to the nation’s debt crisis” starting with their [the Government’s] stake in Aer Lingus”.

O’Leary added: "If the airline isn't sold to Ryanair, another buyer will break it up, whereas we'll grow passenger numbers to 20 million over three or four years and grow the fleet from 30 to 60 aircraft."

If you don’t have as much cash to flash as O’Leary when it comes to Dublin Airport, Which Way to Pay has uncovered the secret to paying less for your airport parking… but be warned, in some cases it’ll all be for nothing if you forget to read the terms and conditions on your Ryanair ticket!



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