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6-Dec-2024 12:51 AM

Fraport AG to sell Saint Petersburg Pulkovo Airport stake in coming days

Fraport AG announced (05-Dec-2024) plans to complete the sale of its stake in Saint Petersburg Pulkovo Airport in the coming days. A share purchase and transfer agreement was concluded for Fraport to sell its entire 25% stake in VVSS Holding to investor Orbit Aviation. The completion of the share transfer requires the registration of the change in ownership in the Russian register of companies. The transaction is expected to be finalised "within a few days". The concession for the operation of Saint Petersburg Pulkovo Airport commenced on 29-Apr-2010 with a contractual term of 30 years. Fraport suspended its activities at the airport immediately after the start of Russia's war against Ukraine. The transaction is expected to have a positive effect in the mid double digit million Euro range toward reducing Fraport Group's net financial debt. Fraport wrote off its Russia business in full in 2Q2022. [more - original PR]

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