The North West-headquartered energy and aviation group, which was previously known as Stobart Group, has sold a 30% stake in London Southend Airport for £125m.
The deal between Carlisle-based Esken and a special purpose vehicle controlled by Carlyle Global Infrastructure (CGI) Opportunity Fund has been made by way of a senior loan facility which is convertible into 30% of the shares in Esken’s London Southend Airport Company (LSA).
Approval for the transaction is expected to take place in mid-August.
Esken is also set to raise a further £60m through a new £20m working capital facility and a £40m equity raise.
CGI employs more than 1,800 people in 29 offices across five continents.
The announcement comes after Esken reported its pre-tax losses widened to more than £150m while revenue dropped by almost a quarter during its latest financial year.
Esken's executive chairman David Shearer said: "CGI represents a true strategic development partner that will enable us to realise the full potential of LSA.
"Carlyle is a global investment firm with $260bn under management.
"The combination of the proven operational capability of the LSA management along with the airport development experience of CGI and its financial strength will provide a strong platform as we rebuild our commercial relationships with our airline and other partners into the recovery.
"We aim to work closely together to develop a truly exciting London airport proposition.
"This transaction is structured to release £20m of funding into LSA to support its recovery and development while providing £100m of liquidity to the rest of Esken.
"We also intend to finalise a new £20m working capital facility and undertake a documented equity raise of around £40m.
"When complete these actions will allow us to emerge from the pandemic positioned strongly for recovery."
Richard Hoskins, managing director of Carlyle Global Infrastructure, added: "We are delighted to partner with Esken Limited to support their vision for London Southend Airport.
"As one of London's favourite airports, London Southend is attractive for airlines due to its cost-efficient operations base as well as to passengers for the experience and convenience.
"We look forward to working with Esken and the team at London Southend to realise the airport's full potential."
