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Greece turns over control of its airports to German Fraport for €1,2 billion

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Greece turns over control of its airports to German Fraport for €1,2 billion

Greek authorities have turned over a control of 14 regional airports in the teeritory of the country to a German company Fraport. The deal is estimated at €1,2 billion, what has become the major payment made within the privatization program of Greece, MarketWatch reports.

Over the course of 40 years, Fraport will be in charge of servicing, exploitation, management, upgrading and development of the airports. During this period, the company’s investments are expected to exceed 1 billion euro, including 400 million euro in the coming four years.

A international tender, which was held by the Greek authorities with the purpose of finding a buyer of airports, was announced in April 2013. German Fraport together with Greek Copelouzos Group won the tender in November 2014.

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