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Fraport AG signed an agreement to sell its entire 30 percent stake in Flughafen Hannover-Langenhagen GmbH (FHLG) to iCON Flughafen GmbH (iCON) for 109.2 million euros.
FHLG is the operating company of Hanover Airport in northern Germany. Fraport acquired shares in FHLG in two steps: initially 20 percent in 1998, followed by another 10 percent in 2003. The other 70 percent of FHLG is held equally by two co-shareholders: the City of Hanover and the Hannoversche Beteiligungsgesellschaft mbH – a wholly-owned company belonging to the State of Lower Saxony.
“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,” commented Dr. Stefan Schulte, Fraport AG’s executive board chairman.
Based on current book values and current expectations – that both co-shareholders will not exercise their pre-emption rights – Fraport AG expects the Hanover transaction to contribute about 85 million euros to the Group EBT. The Group’s financial result will be positively influenced by about 60 million euros.