MAp swaps airport assets with Canadian pension fund
MAp airports has reached an agreement with the Ontario Teachers’ Pension Plan Board (OTTP) to acquire OTTP’s stake in Sydney airport and offload its interests in Brussels and Copenhagen airports.
Under the deal, MAp will acquire OTTP’s 11.02 per cent stake in Sydney airport increasing its interest to 85 per cent, which will reposition MAp with a sole focus on Sydney airport, according to MAp chief executive Kerrie Mather.
MAp will also receive a cash payment of $791 million, helping to provide MAp investors with a cash payment of 80 cents per stapled share.
Cost savings will be provided through OTTP acquiring MAp’s UK operations, the relocation of MAp’s Sydney team to Sydney airport, and the appointment of a single chief financial officer and single chief executive officer, MAp stated.
The transaction is expected to be completed in the fourth quarter of 2011, subject to regulatory approvals.
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