The purchase price was put at €109.2m.
FHLG is the operating company of Hanover airport; Fraport acquired shares in FHLG in two steps, with an initial 20% slice in 1998, followed by another 10% in 2003. The remaining 70% of FHLG is held equally by two co-shareholders: the City of Hanover and the Hannoversche Beteiligungsgesellschaft, a wholly-owned company belonging to the State of Lower Saxony. The closing of the transaction is dependent on the contractually agreed pre-emption rights held by the two co-shareholders. Fraport currently expects the transaction to be concluded during the next two months.
Dr Stefan Schulte, Fraport’s Executive Board Chairman, commented on the divestiture: “For some time, we have received strong interest from the market for Fraport to sell its stake in Hanover airport. This underscores Fraport’s competence in increasing the value of our airport investments, wherever we operate around the world. We achieve this by enhancing operations, infrastructure and the customer experience. At the same time, we are pursuing the goal to acquire majority stakes in airports or to hold a position of significant influence in these airport companies.”
