Fraport AG (Frankfurt Airport Services Worldwide) has announced that it has signed an agreement to sell its entire 30% stake in Flughafen Hannover-Langenhagen GmbH (FHLG) to iCON Flughafen GmbH (iCON) – part of the iCON Infrastructure Group.

FHLG is the operating company of Hanover Airport (HAJ) in northern Germany. Fraport acquired shares in FHLG in two steps: initially 20% in 1998, followed by another 10% in 2003.

The purchase price is EUR109.2 million (US$123.74 million).  Fraport AG expects the transaction to contribute about EUR85 million (US$96.32 million) to the Group EBT.  This will translate into approximately EUR25 million (US$28.33 million) for the Group EBITDA and EBIT for the current 2018 business year.