Fraport Greece, a German and Greek consortium, is taking over management duties at 14 regional airports in Greece next month.

The agreement goes into effect March 14, although the consortium will proceed with some operations this month. Several procedural changes regarding ownership status will take place before that date.

This landmark privatization deal is expected to boost the Greek tourism industry, a key industry for the country's economy.

Fraport-Slentel won international tender from Greece’s privatization agency for the airport management package deal. The consortium will pay $1.31 billion as a lump sum as part of the deal, plus make lease payments of $24.4 million annually.