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Fraport prepares to divest from Saint Petersburg精东影业 Pulkovo Airport聽

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German airport operator Fraport is in talks to sell its stake in Saint Petersburg精东影业 Pulkovo Airport (LED) before the end of 2023, 听听

Vedomosti quoted the chairman of Russia精东影业 state-owned bank VTB on the matter. 

Since 2009, the German company has held a 25% stake in Northern Capital Gateway, the consortium that controls Pulkovo Airport.  

In March 2022, Fraport issued an official statement condemning Russia精东影业 invasion of Ukraine and clarifying that the firm was not involved in the operational management of the airport in any capacity, and none of its staff was working there.聽

This was followed by another statement in May 2022 where Fraport informed it was reviewing its equity stake in the Russian airport, but warned contractual agreements was preventing it from divesting before 2025. 

Fraport has reportedly been negotiating its exit from Pulkovo Airport for more than a year and the parties may now be close to settling the matter. Fraport values its stake in the consortium at around 鈧111 million ($119 million), although Russian authorities have been imposing penalties on foreign companies divesting from their Russian equity holdings. 

According to the sources quoted by Vedomosti, the potential sale of Fraport精东影业 stake has attracted the interested of most major airport management companies in Russia, such as Airport of the Regions and Novaport, and could also receive some foreign bidders.  

In 2022 Northern Capital Gateway posted a profit of 4.8 billion RUB ($50 million approximately) on 17.2 billion RUB in revenue ($179 million).  

During the same year, Pulkovo, which services Russia精东影业 second largest city and is a base for Aeroflot精东影业 subsidiary 鈥淩ossiya鈥, handled 18.2 million passengers. This makes it the country精东影业 third busiest airport after two of Moscow精东影业 airports: Sheremetyevo (SVO), which handled 28.4 million passengers, and Domodedovo (DME), with 21.2 million.  

In 2023, Pulkovo could surpass the latter to become Russia精东影业 second busiest airport.  

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