Germany’s Fraport CFO, Matthias Zieschang, stated the company is looking for possible acquisitions in mature markets (Reuters, 19-Jun-2010). Mr Zieschang stated that prior to the global financial downturn, Fraport was unable to enter markets in developed countries as prices were high, focussing instead on emerging markets. However, the situation is now different, with infrastructure prices significantly down. Before the downturn, prices for airports were valued at 25-times EBITDA but are now 10-times EBITDA. Fraport also now has liquid assets as money planned for expansion could be temporarily used for acquisitions. The airport owner’s available cash stands at EUR2.6 billion.
21-Jun-2010 12:32 PM