Turkey’s TAV Airports, majority owned by Aeroports de Paris, has reached an agreement to acquire IC İctas’s 49% stake in ICF Antalya in a €360m transaction.
ICF Antalya manages Antalya Airport on the south-west coast of Turkey. The deal will allow TAV to enjoy equal rights in the management of the airport.
With the successful completion of the deal, TAV will have 18 airports under its portfolio, serving more than 141 million every year.
TAV Airports president and CEO Sani Şener said: “As TAV, our core business is airport management and we continue to focus on this industry. We will be happy to partner with Fraport in Antalya, one of the most prominent tourism destinations in the Mediterranean.
“Four years ago, we had shifted our strategy to grow our airport management portfolio while steering our service companies to grow beyond TAV, in order to compensate for the foreseen closure of Istanbul Ataturk. Today, our services and products are used in 77 airports across 19 countries.”
TAV and IC İçtaş will finalise their share purchase agreement after securing approval from the State Airports Authority (DHMI) and the Competition Authority.
Under the agreement, TAV will share control of the company, with 50% dividend rights.
Antalya Airport serves more than 26 million passengers. The airport has domestic and international terminals that span 178,000m² with two parallel runways.
It has 28 boarding bridges, 94 parking spaces for planes, as well as a car park for 2,110 vehicles.
Antalya Airports has been managed by Fraport since 1999. In March 2007, Fraport-IC İçtaş partnership secured the tender to operate the airport until 31 December 2024.