Macquarie Airports may get more of Sydney Airport
Macquarie Airports Limited may end up owning more of Sydney Airport under an asset-swap proposal from the big Ontario Teachers’ Pension Plan Board (OTPP).
Macquarie Airports has informed the Australian Securities Exchange (ASX) that it has entered into exclusive negotiations following receipt of a non-binding highly conditional asset swap proposal from OTPP involving the potential sale of Macquarie Airport’s non-controlling interests in Brussels Airport and Copenhagen Airports.
It said that, in return, OTPP was prepared to exchange its 11.02 per cent interest in Sydney Airport and a net cash payment of $850 million.
The ASX announcement said the proposal was subject to due diligence and that, should it proceed, Macquarie Airports expected to pursue appropriate simplification of its structure to reflect its sole focus on the resulting interest of up to 85 per cent in Sydney Airport.
However, the announcement said there was no certainty that an agreement would be reached.
AUTHOR
Mike Taylor
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