Egis

Caisse des Dépôts et Consignations (CDC), the French public-sector financial institution, retains majority control of Egis. In October 2023, Tikehau Capital acquired a 40% equity stake, with the remaining 60% staying with CDC and its subsidiary Bpifrance. Management holds a smaller co-investment position.

Egis generates revenue across three stages: engineering and design fees during construction, multi-decade concession payments from public authorities for operating assets like airports and motorways, and equity returns from its subsidiary Egis Projects when assets generate surplus cash. The concession model locks in inflation-linked revenue streams over 20- to 40-year contracts.

Egis does both. Through Egis Projects, the firm takes direct equity stakes in greenfield infrastructure concessions, often alongside institutional co-investors like Meridiam. It typically holds minority positions and operates the assets under long-term contracts, blending investment returns with operating margins.

Egis operates 16 airports across France, Cyprus, and French Polynesia. Notable concessions include Larnaka and Pafos airports in Cyprus, Tahiti–Faaa International Airport, and a network of regional airports in France. These are run under operating concessions with revenue from passenger fees and commercial leases.

The October 2023 stake purchase gives Tikehau 40% of Egis's equity at a €2.5 billion valuation, with Tikehau's private equity and infrastructure funds expected to become co-investment vehicles for future Egis-led concessions. The deal also gives Egis access to Tikehau's credit platform for project finance, accelerating international expansion.