BCA gives the green light to the Flemish Region’s majority acquisition of Brussels Airport
On 13 June, Flemish Minister-President Matthias Diependaele announced that the Flemish Region would become the main shareholder in Brussels Airport Company (“BAC”), ahead of the federal government, by investing nearly €2.77 billion through its investment fund, Participatiemaatschappij Vlaanderen (“PMV”), in the purchase of a 39% stake in the capital of the Brussels airport operator.
On 23 September 2025, PMV notified the Belgian Competition Authority (“BCA”) of its proposed acquisition under a simplified procedure in accordance with Article IV.70, §1er of the Code of Economic Law (“CDE”).
As a reminder, a simplified procedure with the BCA allows any merger that does not raise serious competition concerns to be notified more easily. It aims to speed up the processing of these cases while reducing the formalities to be completed when market share thresholds (25% or 40% depending on certain criteria) are not reached. The airports of Ostend and Antwerp, owned by the Flemish Region, were therefore not taken into consideration, due to the outsourcing of their management to the French group Egis under long-term concessions.
Prior to the transaction submitted for review by the BCA, BAC was 25% owned by the Federal Holding and Investment Company (“FHIC”) and 75% by BAISA, a private consortium of shareholders. PMV already held a 1.8% stake in BAISA.
Recently, OTPP, the Ontario Teachers’ Pension Plan, announced its intention to sell its 52% stake in BAISA. PMV was selected following a process in which both the Australian group and FHIC participated.
With this acquisition, PMV becomes the airport’s largest shareholder. According to the notification, the merger concerns sectors related to auxiliary transport services, hotels and similar accommodation, the rental and operation of owned or leased real estate, programming, consulting and other IT activities.
On 1 October, the BCA adopted its decision approving the proposed merger, confirming that the conditions set out in Article 70, §3 of the CDE had been met and that there was no opposition to the merger.
This renewed interest by public authorities in airport management can be seen throughout Europe, particularly in Hungary, Denmark and France.
