Bloomberg News

TAV Holding 610 Million Euro Bid Wins Izmir Airport Auction

November 17, 2011

(Updates with winning bid in first paragraph.)

Nov. 17 (Bloomberg) -- TAV Havalimanlari Holding AS, Turkey’s biggest airport operator, placed the winning bid of 610 million euros ($821 million) in the sale of operating rights to passenger terminals at Izmir airport in the west of the country.

TAV, which runs the main airport in Istanbul, beat out offers from a joint venture between Germany’s Fraport AG and Turkey’s IC Ictas Holding and another one between Turkish builder and energy company Limak and India’s GMR Infrastructure Ltd. at an auction in Ankara today, said Zafer Tokus, chairman of the sale commission. The price is subject to an additional 18 percent sales tax.

Fraport and IC Ictas run the terminals at the airport in the southern city of Antalya. Limak and GMR operate Istanbul’s second airport Sabiha Gokcen, to the east of the city.

The winner will improve the domestic facilities at Izmir before operating the terminals until 2032, Tokus said. The handover of rights for the domestic terminal is expected in 2013. TAV already has rights to the international terminal until 2015.

TAV rose 0.8 percent to 8.08 liras at the close of trade in Istanbul today, before the announcement of the auction result.

--With assistance from Steve Bryant in Ankara. Editor: Aydan Eksin, Louis Meixler, Emily Bowers.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Steve Bryant at sbryant5@bloomberg.net


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