Fraport AG Frankfurt Airport Services Worldwide said that it signed an agreement to sell its shares in Flughafen Hannover-Langenhagen GmbH or FHLG to iCON Flughafen GmbH – a member of the iCON Infrastructure Group.
As per the deal, Fraport AG will sell its entire 30 percent share for a price of 109.2 million Euros to iCON. FHLG is the operating company of Hanover Airport. Fraport AG acquired its shares in FHLG in two steps in 1998 and 2003.
The closing of the transaction is still dependent on the contractually agreed pre-emption rights held by the co-shareholders: the City of Hanover and the Hannoversche Beteiligungsgesellschaft mbH – a wholly-owned company belonging to the State of Lower Saxony.
Fraport AG said it currently expects the transaction to be concluded during the next two months.
Fraport AG expects the transaction to contribute about 85 million Euros to the Group
EBT. From this amount approximately 25 million Euros will impact the Group EBITDA and EBIT of the current fiscal year. The Group’s financial result will be positively influenced by about 60 million Euros. After deduction of related income tax liabilities, the transaction will positively impact the Group result by about 77 million Euros.
As a result of the transaction, Fraport AG’s executive board expects to exceed the guidance ranges for the 2018 full year Group’s EBITDA, EBIT, EBT and Group Result set at the beginning of year. The cash inflow from the completion of the transaction will reduce the Group’s net debt.
by RTTNews Staff Writer
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