TURKEY. TAV Airports has agreed to purchase a 49% stake in ICF Antalya, the joint venture company that manages Turkey’s Antalya Airport.
The purchase of IC İçtaş’s shares gives TAV equal rights in the management of the airport alongside Fraport. Antalya served more than 26 million passengers in 2017.
The share purchase agreement must be approved by regulatory authorities before it is finalised. The terms of the deal give TAV co-control of ICF Antalya and 50% dividend rights.
Fraport has been operating Antalya Airport since 1999. In 2007, the Fraport-IC İçtaş joint venture won the tender to operate the airport until 31 December 2024.
Dufry holds the contract for duty free operations at Antalya under its Nuance brand.
“At 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,” said TAV Airports President and CEO Sani Şener.
“Four years ago, we shifted our strategy to grow our airport management portfolio while steering our service companies to grow beyond TAV, in order to compensate for the closure of Istanbul Atatürk Airport. Today, our services and products are used in 77 airports across 19 countries.
“In our existing airports, we are serving 115 million passengers and now we add more than 18 million international passengers, with the inclusion of Antalya. Being the second largest airport in Turkey in terms of international traffic, this transaction grows our foothold in Turkey and further underlines our commitment to investing in our home country, and to the Turkish aviation market.
“With our extensive know-how, we aim to work towards strengthening Antalya’s true potential. We’ll continue to look for opportunities on a global scale and to grow in the airport management industry.”
