German Fraport AG sells a 25% stake in the management company of Pulkovo Airport
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The German Fraport AG, which owns 25% in the management company of Pulkovo Airport, is still selling its stake, said VTB CEO Andrey Kostin. The sale can take place despite the fact that the holding has repeatedly emphasized that, under the terms of the concession agreement, it will not be able to sell its share until 2025. Interested buyers include all Russian airport owners. Previously, Fraport’s share was estimated at €111 million.
The German airport holding Fraport, which owns 25% of the operator of Pulkovo airport “Air Gate of the Northern Capital” (VVSS), which manages Pulkovo airport, will sell its share. The head of VTB, Andrei Kostin, told reporters about this on the sidelines of the EEF (the bank owns 25.01% in VSS).
Fraport, despite the criticism, remained among the shareholders of the Air Force after the outbreak of hostilities in Ukraine, although back in March 2022 it stated that it was considering different exit options. In May 2022, the head of Fraport, Stefan Schulte, said that in accordance with the terms of the concession agreement, the holding does not have the opportunity to leave the shareholders until 2025 (see Kommersant dated May 18, 2022). At that time, the company estimated its share in VVSS at €111 million. However, the shareholder structure, as emphasized in interview with Kommersant head of the Air Force Leonid Sergeev, and remained unchanged until the end of 2022.
It is not yet clear how Fraport plans to sell its stake under the contract restrictions.
By the end of the year, Mr. Kostin says, the sale of the stake should already be decided. “They didn’t want to do this for a long time, but they have to,” he explained, adding that this issue has been discussed for a year. During this time, he said, “there were different buyers – there were even foreign buyers,” but then they abandoned their intention. Now “everyone who has airports in Russia is interested in Pulkovo,” Mr. Kostin said. The method of sale – auction or another option – has not yet been determined.
Mr. Kostin also said that the development of the new Pulkovo terminal has been slowed down for now. But construction will happen, he assured, because the growth rate is going on, and the capacity for further growth is practically exhausted.
“Now the main task is redomiciliation (VVSS.— “Kommersant”), explained the top manager. “Because there were problems with management.” They need to be resolved, he emphasizes: “Participants do not vote, we don’t even have issues regarding loans and other things resolved.”
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