QIA BUYS UP STAKE IN RUS­SIAN AIR­PORT OP­ER­A­TIONS

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Fra­port AG and its con­sor­tium part­ners reached an agree­ment to sell a por­tion of their shares in Thalita Trad­ing Ltd. to Qatar In­vest­ment Author­ity. Thalita is the par­ent com­pany of North­ern Cap­i­tal Gate­way LLC, which holds the con­ces­sion to op­er­ate Pulkovo Air­port in St. Peters­burg, Rus­sia. Due to the sale by con­sor­tium part­ner Copelouzos Group, Qatar In­vest­ment Author­ity will ac­quire a to­tal stake of 24.99% in the air­port oper­at­ing con­sor­tium, while Fra­port AG will re­main the lead op­er­a­tor fol­low­ing this trans­ac­tion.

The trans­ac­tion is sub­ject to the ap­proval of the Rus­sian gov­ern­ment and the se­nior project fi­nance lenders. Cur­rently, Fra­port AG ex­pects that these ap­provals will be granted and that the trans­ac­tion clos­ing will take place dur­ing the se­cond half of 2016. Based on the cur­rent book val­ues Fra­port AG ex­pects the to­tal trans­ac­tion to gen­er­ate a gain be­tween 30 and 40mil­lion eu­ros.

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