Akfen Eyes Airport Operator TAV Stake Sale

September 26, 2011

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Akfen Holding is evaluating strategic options in its units including the possible sale of its stake in Turkish airport operator TAV Havalimanlari, sources familiar with the matter said.

Akfen plans to exit from TAV, a source close to the matter told reporters, and sources said Akfen is expected to mandate an investment bank in the coming days. Akfen has a 26.12 percent stake in TAV, according to its website.

"Large projects like Baskent natural gas and highways are coming up, Akfen will need a huge capital if it wins and TAV is a mature business," said another source close to the matter.

TAV is the leading airport operator in Turkey according to 2010 passenger statistics and the largest duty free operator.

TAV Airports Holding generated EUR€753 million (USD$1.02 billion) consolidated revenues in 2010.

TAV also operates airports in Georgia, Tunisia and Macedonia.