Fraport Completes Sale of Stake in Pulkovo Airport

Fraport AG has completed the sale of its 25% stake in Pulkovo Airport in St. Petersburg, marking the end of the company's involvement in Russia. The share transfer agreement has been finalized, with the final transaction expected to be completed within the coming days following the registration of the change in ownership in the Russian register of companies.

A Long-Awaited Transaction

Dr. Stefan Schulte, CEO of Fraport, commented on the transaction: "With this transaction, we’re ending our involvement in Russia. Our goal has always been to find a solution for the investment that would be in the best interests of our shareholders. We are confident that this will be achieved through the sale of our stake – even if this has taken longer than originally hoped."

Details of the Sale

Fraport is selling its entire 25% stake in VVSS Holding LLC, which holds the concession for Pulkovo Airport, to Orbit Aviation LLC, an investor based in the Middle East. The sale follows a structured transaction process, and all necessary approval procedures have been successfully completed. The concession for operating Pulkovo Airport began in April 2010 with a 30-year term.

Fraport’s Focus Shifts to Global Growth

Fraport suspended its activities at Pulkovo Airport following Russia's invasion of Ukraine. The anticipated completion of this transaction will mark the conclusion of Fraport’s 14-year commitment to the Russian market. The company now plans to focus on its global growth strategies.

Positive Financial Impact

This sale is expected to have a positive impact on Fraport's financials, contributing to a reduction in the Group’s net financial debt in the mid double-digit million euro range. Due to the ongoing political situation, Fraport had already written off its Russia business in full during the second quarter of 2022.