FRANKFURT May 7 German builder Hochtief
has sold its airports division to Canada's Public
Sector Pension Investment Board (PSP Investments) for 1.1
billion euros ($1.4 billion), seeking to cut debt and invest in
its infrastructure business.
The unit has holdings in airports in Athens, Budapest,
Duesseldorf, Hamburg, Sydney and Tirana, said Hochtief, which is
controlled by Spain's ACS.
It added that it expects no significant extraordinary
earnings impact from the transaction, which will take
retroactive effect from Jan. 1 this year.
Sources told Reuters in April that Hochtief received bids
for its airport unit.
Hochtief halted the sale early last year when it was unable
to fetch a price of 1.5 billion euros ($2 billion), but revived
its efforts later.
Hochtief Chief Executive Marcelino Fernandez Verdes, who
took the top job in November, is leading a drive to shed
airports and real estate development businesses to cut the
company's debt while making it a leading global infrastructure