German construction company Hochtief AG (HOCFF.PK) said it is selling all its stake in HOCHTIEF AirPort GmbH to a subsidiary of Public Sector Pension Investment Board, Canada. The sale is expected to generate proceeds of about 1.1 billion euros, subject to closing adjustments.
The transaction, which will have retroactive economic effect as of January 1, 2013, is expected to close in the second half of 2013.
HOCHTIEF said it sees no significant extraordinary earnings impact from the transaction and that it expects to utilise the proceeds, as planned, to lower its debt and to invest in the operating infrastructure business.
HOCHTIEF AirPort, an airport investor and manager, holds participations in the airports of Athens, Budapest, D?sseldorf, Hamburg, Sydney and Tirana.
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