Fraport’s management of Saint Petersburg Pulkovo Airport, where it was a major part of the consortium that took it under concession with a large stake in 2010, has taken several twists and turns since then, with a difficult acquisition at first proving to be a high performer.
Shortly after the Russian invasion of Ukraine in Feb-2022, Fraport withdrew its hands-on management.
Later a new company was set up by the Russian government, to which Fraport’s shares were transferred. Now authorisation has been given for Fraport’s stake to be sold to an unknown company.
What was always a difficult transaction became a surprisingly successful one, and then turned into a nightmare, adding to Fraport’s woes in respect of abandoned and to-be-abandoned concessions in China and India.
But Fraport is less likely to be hurt by this about-turn in events than is the airport itself.
