German construction giant Hochtief said Tuesday it has agreed to sell its airport management business Hochtief AirPort to Canadian pension fund PSP Investments for 1.1 billion euros ($1.4 billion).
Hochtief said in a statement it has "entered into a sale and purchase agreement with a subsidiary of Public Sector Pension Investment Board, Canada (PSP Investments) for the sale of all shares in Hochtief AirPort GmbH."
Hochtief AirPort is one of the leading airport investors and managers in the world and holds participations in the airports of Athens, Budapest, Duesseldorf, Hamburg, Sydney and Tirana, Hochtief said.
The airports handle approximately 95 million passengers annually.
The transaction proceeds "are approximately 1.1 billion euros subject to closing adjustments," but Hochtief "expects no significant extraordinary earnings impact from the transaction."
The sale must still receive approval by the competition authorities and was expected to close "in the second half of 2013," it added.