Fraport Ends Russian Venture with Pulkovo Stake Sale

Fraport AG, the German airport operator, has finalized the sale of its entire 25% stake in VVSS Holding LLC, which holds the concession agreement for Pulkovo Airport in St. Petersburg, Russia. This strategic divestment was concluded through a structured transaction process, with the buyer identified as Orbit Aviation LLC, a Middle East-based investor. The transition, consistent with Fraport's decision to halt its Russian operations following the onset of geopolitical tensions arising from Russia's conflict with Ukraine, brings an end to Fraport's 14-year engagement in the region. The transaction was legally advised by the law firm Hengeler Mueller, with a team spearheaded by partner Georg A. Frowein, alongside support from the ALRUD law firm in Moscow, which provided Russian legal consultation. The agreement, marking a significant shift in Fraport's strategic focus towards global expansion, was officially completed on December 9, 2024, with all necessary regulatory approvals secured.