Fraport sells its stake in Hannover Airport

Today, airport operator Fraport has sold its 30 percent stake in Flughafen Hannover-Langenhagen (FHLG), the operating company of Hannover Airport, to iCON Infrastructure Group for €109.2 million.

Fraport had initially acquired a 20 percent stake in FHLG 1998, followed by another 10 percent five years later.

Looking at Fraport Group’s most recent financial statement, for Q1 2018, Hannover saw a 2 percent decrease in cargo traffic, compared to the same period last year – one of six of the conglomerate’s total of 12 aviation properties that saw a reduction in volume growth. Its most prominent property, Frankfurt Airport, saw a slight volume decrease of 0.1 percent. Its South American holdings, on the other hand, saw double-digit increases in traffic.

After deduction of related income tax liabilities, Fraport said the transaction will “have a noticeable positive impact of about €77 million” on the group’s net profit in its 2018 financial results.

The deal will be complete within the next two months, Fraport said.