Turkey: Operators of Turkey’s giant airport pull plans to sell stake

Owners of a concession to operate Istanbul’s new $11b airport abandoned a plan to potentially sell a stake in the venture, according to people with knowledge of the matter. The four construction firms also terminated a mandate given to Lazard Ltd to provide a valuation of the airport and manage discussions with possible buyers, the people said, asking not to be identified because the process is confidential. It is too early to sell a stake in the consortium, IGA Havalimani Isletmeleri AS, because the airport only started operating in April, one of the people said. Five Turkish builders won the right to build and operate the airport and were each awarded equal holdings in the venture. IGA declined to comment, while Lazard didn’t respond to an email seeking comment. The new airport, which Turkish Airlines is using as its new hub, is designed to eventually serve 200m passengers when all six runways are operational.<br/>