Australian airport operator MAp Airports has announced it is in negotiations with the Ontario Teachers Pension Plan (OTPP) about swapping assets.
In the proposed deal, MAp Airports plans to swap its stakes in Brussels and Copenhagen airports in exchange for OTPP’s 11.02% interest in Sydney airport and a cash payment of $900 million.
In December, MAp valued its combined 30.8 per cent stake in Brussels Airport and 39 per cent stake in Copenhagen Airport at $1.94 billion.
In a statement today (22 June) MAp said it was in “exclusive negotiations following receipt of a non-binding, highly conditional Asset Swap Proposal from Ontario Teachers’ Pension Plan Board (OTPP).”
It added that should the proposal proceed, MAp would be able to then focus on its key asset, Sydney Airport. If a deal is reached then MAp Airports would own 85% of Sydney Airport.
At the moment, the stakes in Brussels and Copenhagen airports make up almost half of MAp’s portfolio.
OTTP currently has stakes in Birmingham and Bristol airports and is buying back into Copenhagen airport after selling its 3.9% stake to Macquarie 18 months ago.