Financial investors spend US$300m on TAV

Austro-Turkish airports builder and operator Tepe Akfen Ventures Investment Holding (TAV) is reported to have sold a US$298m stake in

the company to a group of three financial buyers. TAV is expected to launch an IPO for around 50% of its shares later this year. According to Dow Jones, the privately owned company has sold an undisclosed stake to Deutsche Bank (US$150m), Islamic Development Bank (US$75m) and Australia’s Babcock & Brown (US$73m).

TAV’s primary business is the construction and management of airport facilities. It is currently involved in building projects in Turkey and Qatar.