ECONOMY

Fraport says Greek airport deal faces delay

Fraport AG said it may take until next year to complete the acquisition of airport assets in Greece as the new government there reviews privatization plans, while adding that earnings will increase in 2015 even without the deal.

The 1.2-billion-euro purchase of a 40-year concession to run 14 airports, won in partnership with Greek energy firm Copelouzos, might not close until early 2016, the Frankfurt airport owner said in a statement.

On November 25, when the deal was announced, it was seeking completion by the fall.

Earnings before interest, tax, depreciation and amortization could still reach 840 million euros this year after climbing 7.8 percent to 790 million euros in 2014, Fraport said on Monday.

Fraport is betting on acquisitions to spur growth, as No 1 customer Deutsche Lufthansa AG caps fleet expansion and grapples with pilot strikes.

[Bloomberg]