LONDON—France’s VINCI Airports has agreed to invest €1.15 billion ($1.32 billion) in a dual-hub system for Lisbon that will see an expansion of the city’s existing gateway and the construction of a new, low-cost airport on the site of a former military air base. Under the deal, signed Jan. 8 by Portuguese government officials and VINCI CEO Xavier Huillard, the French group’s subsidiary, Aeroportos de Portugal (ANA), agreed to invest €650 million by 2028 in ...

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