Hermes Airports Ltd assumed management and control of Larnaka International Airport and Pafos International Airport on 12 May 2006, under a 25 year BOT (Build-Operate-Transfer) concession agreement with the Republic of Cyprus.
Hermes is a company registered in Cyprus - an international consortium of 9 shareholders, representing a mix of Cypriot and international partners. The shareholders in Hermes Airports Ltd are:
The Concession Agreement includes a plan to develop both airports through construction of a new passenger terminal building at each site and other associated infrastructure, including aprons and runway extensions. This work commenced immediately, under a rapid Design and Build Contract. The new passenger terminal at Pafos opened in November 2008, and at Larnaka, opened in November 2009. The construction contract is the biggest ever undertaken in the Republic, with the Build-Operate-Transfer project being the first privatization of its kind in Cyprus. The new airports offer world class, state of the art facilities, with an emphasis on excellent customer service.
Hermes shareholders Aer Rianta International and Cyprus Trading Corporation Public Limited have 'partnered' and have negotiated a contract with Hermes for the operation of duty free and duty paid retail at both airports and they have also negotiated a lead role in the Food and Beverage Concession.
Together, the two airports handle over 7 million passengers, annually.