Greece has agreed to sell the operating rights of over a dozen of its airports to a German company in a bid to qualify for bailout loans. The $1.37 billion concession is one of Greece’s biggest privatization deals since the start of the debt crisis.
The decision will hand over 14 of Greece’s airports to Frankfurt airport operator Fraport AG. Fraport expects to close its agreement with Athens in October. The deal will be in effect for the next 40 years.