Fraport Greece, majority owned by Germany’s Fraport, said on Monday it has raised 620 million euros in a share offering bringing it closer to a deal to manage 14 regional Greek airports.
Fraport signed a 1.2-billion-euro ($1.3 billion) deal in 2015 to operate the provincial airports on tourist islands including Corfu and Santorini, and has established an airport management company in Athens.
It is expected to begin operating the airports in March.
Fraport Greece said the equity, now totaling 650 million euros, and debt financing “fully ensured” the funding of infrastructure investments it plans to implement by 2020, as well as the upfront concession payment of 1.2 billion euros due when it takes over management.
The Fraport deal will help cash-strapped Greece raise 2.6 billion euros this year from privatization, a condition of its third international bailout.