Fraport AG Frankfurt Airport Services Worldwide and its consortium partners at Pulkovo Airport have announced an agreement to sell some of their shares in Thalita Trading Ltd. (Thalita) to Qatar Investment Authority (QIA).
Thalita is the parent company of Northern Capital Gateway LLC consortium, the operator of Pulkovo Airport in St. Petersburg, Russia. With the sale, Fraport’s stake in the consortium will decrease by 10.5 percent, from 35.5 percent to 25 percent. The profit for Fraport should be between $33.5 million and $44.65 million. The decrease in shares does not affect Fraport’s role as airport operator in the consortium.
"Pulkovo Airport has developed well since the operating concession started,” Fraport AG Executive Board Chairman Dr. Stefan Schulte said. “In selling part of our stake, we are realizing value enhancement while maintaining our role in the consortium.”
Schulte also noted that the agreement will help grow the company’s shareholder base and strengthen operations at the Pulkovo Airport.
“Furthermore, this agreement with the renowned global financier Qatar Investment Authority will broaden the shareholder base of our consortium and strengthen Pulkovo Airport to meet the challenges and opportunities of the future,” he said. “Despite the current difficulties in Russia, we continue to regard this as an attractive market.”