Fraport Exits Russia with Sale of Pulkovo Airport Stake
Fraport Completes Exit from Russia with Pulkovo Airport Sale
Frankfurt, Germany – German airport operator Fraport AG has finalized its withdrawal from the Russian market, selling its 25% stake in St. Petersburg‘s Pulkovo Airport (LED) to Orbit Aviation LLC, a Middle Eastern investor. The deal, expected to be officially registered in Russia within days, marks the end of Fraport’s 14-year presence in the country.Fraport’s involvement in Pulkovo Airport began in 2010 with a 30-year concession. However, operations were suspended in 2022 following Russia’s invasion of Ukraine, prompting the company to seek an exit strategy.”This transaction allows us to fully exit Russia while securing the best outcome for our shareholders, despite the prolonged process,” said Fraport CEO Dr.Stefan Schulte.
The sale will provide a financial boost for Fraport, reducing its net financial debt by a mid-double-digit million euro sum. The company had already written off its Russian operations in mid-2022 due to the geopolitical situation.
With this chapter closed, Fraport is now focusing on its global growth strategies, expanding its presence in key markets around the world.
Fraport Exits Russia,Sells Pulkovo Airport Stake
Frankfurt,Germany – Fraport AG,teh German airport operator,has completed its withdrawal from the russian market. The company has sold its 25% stake in St. Petersburg’s Pulkovo Airport (LEAD) to Orbit Aviation LLC, a Middle Eastern investor.
The deal is expected to be officially registered in Russia within days. This move marks the end of Fraport’s 14-year presence in Russia, stemming from a 30-year concession that began in 2010. Operations were suspended in 2022 following Russia’s invasion of Ukraine, prompting Fraport’s search for an exit strategy.
“This transaction allows us to fully exit Russia while securing the best outcome for our shareholders, despite the prolonged process,” said Fraport CEO Dr. Stefan Schulte.
The sale will provide a financial boost to Fraport, reducing its net financial debt by a mid-double-digit million euro sum. The company had already written off its Russian operations in mid-2022 due to the geopolitical situation.
Fraport is now focusing on its global growth strategies adn expanding its presence in key markets worldwide.