German airport operator Fraport has reached an agreement to offload its interests in Hannover Airport. The transaction, valued at €109.2m, was announced on August 6 and will see the firm sell its entire 30% stake in Flughafen Hannover-Langenhagen (FHLG) to iCON Flughafen. The deal remains subject to approval but is expected to be concluded by October.
Fraport chairman Dr Stefan Schulte remarked: “Hannover Airport is a solid business with a bright future. It has developed into an important aviation gateway in northern Germany for both passenger and cargo traffic. We would like to thank the other FHLG shareholders and the Hannover region for the excellent cooperation, and we wish them continuing success.”
The remaining 70% stake in FHLG will be retained by current co-shareholders the City of Hannover and Hannoversche Beteiligungsgesellschaft, a wholly-owned company belonging to the State of Lower Saxony.