Aena (AENA SM) is reported to be looking at buying Edinburgh Airport from US fund Global Infrastructure Partners (source: Expansion).

1. GIP was reported to be looking at a sale as far back as Oct-22 but rumours only resurfaced in Dec-23 with the rumoured price having dropped closer to GBP2bn (from GBP3bn the year prior). GIP bought it for GBP807m in 2012.
2. Aena already manages around 70 airports (including London Luton), has net debt around EUR7bn but does already have committed facilities of over EUR2bn so this deal is easily within its firepower.
3. Aena only has one liquid debt line (ZH243866 Corp) whose OAS has barely moved in a year; similar lines from EDF and Schipol show similar lack of vol (see graphic).

The point here isn't relative value, it's a trend of financial buyers trying to trade out of assets in face of big refi events, often in favour of industry owners. Most private capital firms have enjoyed a decade of near-free money and, aside from the inevitable tail event shocks that seem likely, a wider trend to exit infrastructure assets may be setting in.