Fraport AG and its consortium partners at Pulkovo Airport reached an agreement to sell part of their shares in Thalita Trading Ltd. (Thalita) to Qatar Investment Authority (QIA). Thalita is the parent company of Northern Capital Gateway LLC consortium, which has the 30-year concession for operating Pulkovo Airport in St Petersburg, Russia. Fraport will be reducing its stake in Thalita from 35.5% to 25.5%.
Based on the current book value, Fraport expects profit from the transaction to range between €30m and €40m, which in its total sum will impact the Group EBITDA, EBIT and EBT for the 2016 business year and will positively influence the Group result. The transaction is expected to be completed in the second half of 2016.
Decreasing its shareholding will not affect Fraport’s role as “airport operator” in the consortium. It is planned that QIA will also be able to acquire shares from the other consortia partners for a total stake of 24.99% in Thalita.
Fraport AG executive board chairman Stefan Schulte stated, “Pulkovo Airport has developed well since the operating concession started. In selling part of our stake, we are realising value enhancement while maintaining our role in the consortium. Furthermore, this agreement with the renowned global financier Qatar Investment Authority will broaden the shareholder base of our consortium and strengthen Pulkovo Airport to meet the challenges and opportunities of the future. Despite the current difficulties in Russia, we continue to regard this as an attractive market.”
Source: Fraport AG
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