Additional partner strengthens Pulkovo Airport consortium / Fraport retains role as “Airport Operator”.
FRANKFURT, GERMANY – Fraport AG Frankfurt Airport Services Worldwide (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 (LED) in St. Petersburg, Russia. Fraport will be reducing its stake in Thalita by 10.5 percent from 35.5 percent to 25 percent. Based on the current book value, Fraport expects profit from the transaction to range between 30 and 40 million euros – 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 closing 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 consortial partners for a total stake of 24.99 percent in Thalita.
Fraport AG executive board chairman Dr. Stefan Schulte stated: "Pulkovo Airport has developed well since the operating concession started. In selling part of our stake, we are realizing 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."
Since the Northern Capital Gateway consortium started operations, passenger traffic at LED has risen from 8.4 million in 2010 to 13.5 million in 2015. Pulkovo Airport has also been receiving more new airlines and routes in recent months. The successful on-time and on-budget implementation of new terminal facilities in 2013 has greatly enhanced Pulkovo's capacity, service quality, as well as the role of St. Petersburg as Russia's second largest metropolis and as a leading international business and tourist destination. The enlarged consortium will be able to leverage and build upon the milestones already achieved at Pulkovo Airport.
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Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
