Greece completes sale of 14 airports

Athens

Greece said it has finalised the sale of 14 regional airports to Germany’s Fraport agreed in 2015 within the framework of a huge international bailout to prevent the country from crashing out of the eurozone.
In what had been the first major privatisation drive for the government under Prime Minister Alexis Tsipras, a deal was reached at the end of 2015 to sell 14 regional airports—including Thessaloniki, and those of island tourist hotspots Mykonos, Santorini and Corfu—to a consortium comprising Fraport and Slentel Ltd for 1.2 billion euros ($1.3 billion).
That deal has now been finalised, with the signature of Greece’s ministers of finance, transport and defence—Euclides Tsakalotos, Christos Spritzis and Panos Kammenos—the Greek privatisation agency said in a statement late Tuesday. Under the terms of the concession, the Fraport consortium “will use, operate and develop the airports over a period of 40 years.” The investors are obliged to upgrade the airports within the first four years of the concession and “maintain and preserve service levels for the whole duration.”— AFP

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