The Government of Armenia proposed to grant a 30-year concession contract to a private consortium for management of the Zvartnots International Airport. On behalf of the European Bank of Reconstruction and Development (EBRD), Nathan conducted a due diligence analysis of the proposed investment. Nathan reviewed the terms of the concession agreement and the applicable legal and regulatory framework, conducted a due diligence analysis of the airport company’s historical and projected financial performance, and reviewed the structure and the functionality of the company’s financial model.

Nathan also conducted a sensitivity analysis to evaluate how changes in traffic, operating costs, fuel margin, interest rate, euro/dollar exchange rate, etc., would affect the company’s financial performance. Our experts evaluated the current master plan and forecasts of traffic, revenue, and costs. Today, the Zvartnots International Airport is one of the most modern and efficient airports in Eastern Europe.

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