AIA SA Offers €1.115 Billion for 20-year Extension of Athens Airport Concession

Athens International Airport SA (AIA) recently submitted a new offer to Greece’s privatization agency HRADF (or TAIPED in Greek) for the 20-year extension of the airport’s concession agreement. The offer has been approved by the fund’s Board of Directors.

AIA’s updated offer provides for a total price of 1,382,600 billion euros, including VAT. The net proceeds from the privatization program amount to 1.115 billion euros.

“In order to endorse the new offer, HRADF took into account an independent evaluation, a fairness opinion on the fairness, from a financial point of view, of the financial consideration to be paid to the Fund in connection with the Transaction and the positive opinion of the Board of Experts,” the fund said in an announcement.

The file on the extension of the concession agreement will be submitted to the Court of Auditors for an anticipated pre-contractual audit. The completion of the transaction is subject to approvals by the competent European authorities and the Greek Parliament.

The concession agreement has been in force since 31 July 1995.