The Greek State, through the Minister of Finance, Hellenic Republic Asset Development Fund (HRADF) and Athens International Airport (AIA) have signed the 20-year extension of the Athens international airport concession agreement. 

AIA's offer provides a total cost of €600 million (US$675 million), including the corresponding VAT. The net proceeds from the privatization program amount to €483.87 million (US$545 million). 

As we reported in February 2016, HRADF requested the opening of talks with AIA for the extension until 2046 of the Eleftherios Venizelos airport concession.

The completion of the transaction is subject to approvals by the competent European authorities and the Greek Parliament.

The signing of the extension agreement sends a strong message of confidence, inside and outside Greece, for the Greek economy and represents recognition of one of the most successful private and public sector partnerships.

AIA was established in 1996 as a Public-Private Partnership with a 30-year concession agreement. Ratified by Greek Law 2338/95, the concession agreement grants the right to use the airport site for the purpose of the “design, financing, construction, completion, commissioning, maintenance, operation, management and development of the airport”. AIA is a privately managed company, with the Greek State holding 55% of shares, while the private shareholders collectively hold 45%.