fraport-inks-first-investment-in-china

Fraport inks first investment in China

The operator of Frankfurt Airport pays $70 million for a 24.5% stake in Xi'an Airport.
GermanyÆs Fraport AG announced last Friday that it will acquire a 24.5% stake in XiÆan Airport in China for around $70 million, marking its first investment in China.

The German airport operator is taking a 24.5% stake in Xi'an Airport for Ç50 million $66.9 million and will be in charge of the airport's operational optimisation and commercial development. Approvals for the deal are expected by the third quarter of 2007. The price suggests an equity value for the facility of $273 million.

State-owned China West Airport Group will continue to be the majority owner of the airport. China National Aviation Corporation CNAC, an Air China subsidiary, with whom Fraport has been cooperating on other...
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