Fraport Sells its Stake in Hanover Airport

The German airport operator Fraport has signed an agreement to sell its entire 30% stake in Flughafen Hannover-Langenhagen (FHLG) to iCON Flughafen GmbH (iCON) – part of the iCON Infrastructure Group – for €109.2 million euros.   FHLG is the operating company of Hanover Airport (IATA: HAJ) in northern Germany.  Fraport acquired shares in FHLG in two steps: initially 20% in 1998, followed by another 10% in 2003.  The other 70% of FHLG is held equally by two co-shareholders: the City of Hanover and the Hannoversche Beteiligungsgesellschaft mbH – a wholly-owned company belonging to the State of Lower Saxony.  The closing of the transaction is dependent on the contractually agreed pre-emption rights held by the two co-shareholders. Fraport currently expects the transaction to be concluded during the next two months.
Dr Stefan Schulte, Fraport AG’s executive board chairman, commented:  “For some time, we have received strong interest from the market for Fraport to sell its stake in Hanover Airport.  This underscores Fraport’s competence in increasing the value of our airport investments, wherever we operate around the world.  We achieve this by enhancing operations, infrastructure, and the customer experience.  At the same time, we are pursuing the goal to acquire majority stakes in airports or to hold a position of significant influence in these airport companies.”
In 2017, traffic at Hanover Airport rose by 8.5% to 5.9 million passengers.  For the first six months of 2018, HAJ achieved a 7.8% increase in passenger traffic to almost 2.8 million passengers (June 2018: up 10.2% to 632,621).  Dr Schulte added: “Hanover 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 Hanover region for the excellent cooperation, and we wish them continuing success.”