Russian government allows UAE firm to buy 25% in Pulkovo airport

MOSCOW, Jul 13 (PRIME) -- The Russian government’s commission for foreign investment control has approved a sale of 25% in St. Petersburg’s Pulkovo airport to a company from the United Arab Emirates (UAE) for 240 million euros, Igor Artemyev, head of the Federal Antimonopoly Service, told reporters on Thursday.

“One deal concerns St. Petersburg, were a company from the United Arab Emirates bought 25% in the St. Petersburg airport, as you know it,” he said.

“This 25% was sold by our bank VTB, so another foreign investor came here besides Fraport, and he will manage and develop the airport of St. Petersburg,” he said, adding that the sum of the deal amounted to 240 million euros or about 15 billion rubles.

In April, a consortium comprising the Russian Direct Investment Fund (RDIF), Mubadala Development Company, several Middle Eastern and Asian co-investors, and Baring Vostok Private Equity Fund V together with several affiliate funds signed a deal to buy 25% in Thalita Trading Limited from VTB Capital. Thalita is a holding company of Northern Capital Gateway, the airport’s management company.

As a result of the deal, VTB Capital will cut its stake in Thalita to 25.01%, while Germany’s Fraport and the Qatar Investment Authority will keep their stakes of 25% and 24.99%, respectively. Fraport will remain the operator of the St. Petersburg airport.

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