German airport operator Fraport has reached an agreement to acquire Slovenia's main airport, Aerodrom Ljubljana, in a push to extend its international reach.

Fraport, which operates Europe's third-largest airport at Frankfurt, said under the agreement with a consortium headed by the Slovenian Sovereign Holding agency, it is to pay 177.1 million euros ($229.4 million) for a 75.5 per cent stake and will subsequently make an offer for the remaining shares.

It is paying 61.75 euros per share for the initial stake, valuing the whole company at 234 million euros.

The German firm, which had been in exclusive talks over the sale after beating off competition from French group Vinci, said it would finance the acquisition from existing capital.

Fraport, which also owns stakes in airports in Lima, Antalya, Varna and Burgas, has been looking to extend its international operations and recently made its first foray into the US with a deal to buy a manager of airport retail space.

Analyst Dirk Schlamp at DZ Bank said the price paid was 20 times earnings before interest, tax, depreciation and amortisation, which while high, was a typical multiple for the sector.

'The profitability of the airport is good and has no dilutive effect,' he said.

Fraport's chief executive Stefan Schulte said the company plans to expand passenger and cargo transport at Ljubljana airport, increase profit and the number of employees, but gave no figures. He added that no job cuts are planned.

'We are here as long-term investors, we are looking for a long-term development of Ljubljana airport,' Schulte said after signing the sales contract.

Aerodrom handled 1.3 million passengers in 2013, earning a net profit of 5.2 million euros on revenue of about 31 million euros.-Reuters