August 8, 2018

Fraport sells Hanover stake

German airport operator Fraport signed an agreement on 6 August to sell its 30% stake in Hanover Airport to UK pension fund Icon Infrastructure for €109.2 million ($126.6 million).

Fraport acquired shares in Hanover Airport in two phases.

At the outset, the company purchased a 20% stake in 1998, followed by a 10% stake in 2003.

Apart from Fraport, Lower Saxony and the city of Hanover each own a 35% interest in the state’s biggest airport.

Both the city and the state had preemption rights to buy Fraport’s stake but neither exercised that right.

The transaction is expected to close by October.

Hanover serves between 6,000 and 20,000 passengers daily, depending on the season.