Desmond set to pocket €40m from takeover of airports’ operator

FINANCIER Dermot Desmond will pocket a cool €40 million from the takeover of airports’ operator TBI.

Mr Desmond holds a 5% stake in TBI, the owner of Luton and Belfast airports, which agreed yesterday to a takeover by Spanish building company Albertis.

It is not known how Mr Desmond initially paid for his stake in TBI.

He has been an investor in the company for a number of years. The 54-year-old businessman is one of Ireland’s richest men with a fortune estimated at €1.2 billion.

Mr Desmond began his career with the World Bank in Afghanistan and returned to set up NCB Stockbrokers in Dublin, which he turned into the third-biggest brokerage in Ireland before selling out.

He is also credited with beginning the International Financial Services Centre in Dublin. He is an investor in dozens of listed companies, including Greencore, Unidare and technology firm Datalex.

Mr Desmond has made millions from investing in the stock markets, earning small fortunes from the takeovers of Golden Vale and from selling his shares in Esat and Baltimore Technologies.

He is the largest shareholder in Glasgow Celtic football club; has a small stake in Manchester United and owns a third of the luxurious Sandy Lane resort in Barbados with fellow multi-millionaires John Magnier and JP McManus.

Mr Desmond’s latest venture is health insurance provider Vivas.

TBI yesterday agreed to the 92.5p a share bid from Abertis after two failed takeover bids for the firm in the last three years.

Apart from Belfast and Luton, TBI owns Cardiff International, Orlando Sandford International in Florida, Stockholm Skavasta and three airports in Bolivia.