EU clears extension of Athens airport concession

The EU executive has authorized Greece to extend a concession granted to operate Athens International Airport (AIA) by 20 years for 1.1 billion euros ($1.25 billion), it said on Wednesday.

"The [European] Commission has found that the 1.1 billion-euro fee that will be paid by AIA for the 20 year extension of the Athens airport concession corresponds to a market price," Europe's Competition Commissioner Margrethe Vestager said in a statement.

Greece's privatization agency said earlier this year that it had accepted the offer by private shareholders in AIA to extend their concession for operating the country's largest airport until 2046. [Reuters]