Turkish airport operator TAV announced Friday it has signed a share purchase agreement to buy Almaty Airport, the main gateway into Kazakhstan.

Located in the country’s southeast and a strategic junction along China’s “One Belt One Road” initiative, Almaty Airport will be the 15th airport in TAV’s global network.

The deal to acquire 100% of the shares of the airport with its consortium partner VPE Capital is worth $415 million.

“TAV Airports’ share of the consortium will be no less than 75%, and the share transfers will take place upon closing with the completion of all legal prerequisites and procedures,” a TAV statement said.

Sani Sener, TAV Airports’ CEO, said Almaty Airport has a significant growth potential and the company will work to realize this potential to the fullest.

The base of the flag carrier Air Astana, Almaty Airport served 6.4 million passengers in 2019, up 13% from the previous year, according to the statement.

The airport shoulders half of the passenger traffic and 68% of cargo traffic in the country.

Providing integrated services in all areas of airport operations, with a global footprint at 100 airports in 30 countries, TAV Airports served 218 million passengers in 2019 globally.

Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security, and commercial area management.

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