Australia's MAp Group will complete its asset swap with Ontario Teachers' Pension Plan (OTPP) within the next two weeks, the company has revealed.
MAp will swap its assets in Brussels and Copenhagen airports with OTPP’s 11.02% stake in Sydney Airport in a deal worth around $1.7 billion.
In an announcement today MAp said: “All remaining conditions precedent for the asset swap agreement with Ontario Teachers’ Pension Plan Board have been satisfied and financial close is anticipated to occur in the next two weeks.”
After the asset swap, MAp will focus solely on its ownership and operation of Sydney Airport in which it will have an interest of approximately 85%.
In December 2010, MAp valued its combined 30.8% stake in Brussels Airport and 39% stake in Copenhagen Airport at $1.94 billion.
At the moment, the stakes in Brussels and Copenhagen airports make up almost half of MAp’s portfolio.
When the deal is finalised, OTPP will end up with a 39% stake in Brussels Airport and a 30% stake in Copenhagen Airport, adding to its airport holdings in Birmingham and Bristol in the UK.
Meanwhile, after the asset swap, MAp said it would alter its current structure, which currently includes an offshore company and two boards overseeing its operations.
As a result, MAp intends to seek investor approval to restructure and simplify the group, by removing the Bermudian company (MAIL) from the stapled security structure.