Germany’s Hochtief Sells Airport Business to Canadian Pension Fund

Germany’s Hochtief Sells Airport Business to Canadian Pension Fund

Hochtief is selling its airport division to Canada’s Public Sector Pension Investment Board for $1.95 billion, as Germany’s biggest construction company focuses on its core building business.

Hochtief AirPort GmbH has stakes in airports in Athens, Budapest, Dusseldorf, Hamburg, Sydney and Tirana, Albania, which handle about 95 million passengers annually.

Essen-based Hochtief, which is majority owned by Spanish construction group ACS, pulled a sale of the airport unit in 2012 when it failed to achieve its asking price.

“The transaction is the result of a very competitive tendering process,” said Hochtief CEO Marcelino Fernandez Verdes.