(Yicai Global) Aug. 10 -- HNA Group Co. completed its acquisition of an 82.5 percent stake in Germany’s Frankfurt-Hahn Airport (Hahn Airport) for EUR15.1 million on Aug. 9, local time, China News Service reported.
The notarization of the deal’s closing in the German state of Rhineland-Palatinate marks the official completion of the acquisition.
The local state government issued a global tender for a stake in Hahn Airport last September. HNA won the bid and signed an official agreement on March 1 to buy 82.5 percent of the airport from the state government. The two sides later passed reviews by Chinese and European authorities, including EU antitrust review and German parliamentary review, as well as Foreign Trade and Payments Ordinance (AWV) security review.
Hahn Airport lies in the Rhineland-Palatinate state and is 125 kilometers away from Hesse's largest city of Frankfurt am Main. Some seven airlines offer fixed routes for passenger and cargo transport at the airport, with Ryanair Holdings PLC [NASDAQ:RYAAY] settling on the airport as its sole passenger transport base in continental Europe.
As one of Germany's most important freight airports, Hahn Airport can accommodate the Airbus A380 and other large airplanes and serves as many as 5 million passengers annually. The airport does is further free of such problems as night-time curfews or insufficient airspace and enjoys good flight conditions for further development. It is the most competitive cross-region freight airport in the region.
HNA has received operating, security and infrastructure subsidies for this acquisition, including a USD29.6 million (EUR25.3 million) operating grant from the EU on July 31. The completion of the deal marks HNA’s official participation in the operation of an airport in a core European region.Keywords: German, HNA, HHN, M&A