Fraport To Sell Hanover Airport Stake

Frankfurt Airport operator Fraport has agreed to sell its stake in Hanover airport to iCON Infrastructure Group for EUR€109.2 million (USD$126.2 million).

Fraport acquired its 30 percent stake in the Hanover airport operator in two stages, 20 percent in 1998 and another 10 percent in 2003. The remaining 70 percent is owned by the City of Hanover and a State of Lower Saxony holding company.

The agreement, subject to contract, is expected to close over the next two months.

“Hanover Airport is a solid business with a bright future,” Fraport chairman Stefan Schulte said. “It has developed into an important aviation gateway in northern Germany for both passenger and cargo traffic.”

In 2017, 5.9 million people flew through Hanover Airport, an 8.5 percent increase on the previous year. In the seasonally quieter first half of 2018, the airport reported a 7.8 percent increase in passenger traffic to just under 2.8 million.