14 May 2013
Germany’s Hochtief has finally found a buyer for its airports business.
Last week it signed an agreement with Canadian pension fund PSP Investments for the sale of all shares in Hochtief AirPort for €1.1 billion.
Hochtief AirPort holds stakes in the airports of Athens, Budapest, DÃ¼sseldorf, Hamburg, Sydney and Tirana which, combined, handle approximately 95 million passengers annually.
Hochtief said the transaction effects a deconsolidation of assets in the value of approximately €1.5 billion, which includes minority interests of some €400,000.
Marcelino Fernández Verdes
Close of the sale, which is subject to approval by relevant authorities, is expected in the second half of 2013.
Hochtief had tried to spin off the airports business as part of its Hochtief Concessions unit in 2009, without success.
Hochtief’s new CEO, Marcelino Fernández Verdes, said the cash would help Hochtief climb out of debt and pursue its growth plans.
"The transaction is the result of a very competitive tendering process," he said. "We will use the released funds as planned to reduce debt and to invest in the operating infrastructure business. The transaction will further strengthen Hochtief’s financial and competitive position."